Barratt employs around 6,000 staff with more than 5,000 set to be furloughed.

In an update to the city this morning, the firm said: “We are in the process of furloughing around 85% of our employees. We will pay furloughed employees their normal pay while they are furloughed until at least the end of May 2020.”

Barratt, which closed main works on all of its sites by March 27, added that it was “actively managing cash flows whilst ensuring that we are paying our suppliers and subcontractors on time”.

All executive directors, the wider executive and regional managing director team, the chairman and the non-executive directors have agreed to a voluntary 20% reduction in base salary and fees.

Barratt said: “Our experienced board remains focused on taking the right actions and planning for the future, so that when appropriate to do so, we can re-start our sales centres, construction sites and offices safely and are well-placed to continue to deliver the high quality homes the country needs.”

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