Covid-19: Planned layoffs at British corporations surge

London, August 9

The variety of British corporations planning to chop workers numbers in June was 5 instances increased than in the identical month a yr earlier, in an ominous signal of COVID-19’s financial affect.

Figures obtained by the BBC present that 1,778 corporations knowledgeable the federal government of plans to chop a complete of 139,000 jobs. A yr earlier the determine was 345 corporations saying a complete of 24,000 job losses.

Businesses are required to tell the Insolvency Service in the event that they plan to chop 20 or extra jobs.

During the pandemic the federal government has been paying the salaries of just about 10 million furloughed employees. Economists are predicting a surge in unemployment when that programmes ends in October.

The UK financial system shrank by greater than 20 per cent within the first half of 2020, and regardless of some indicators of restoration the Bank of England says the financial system will finish 2020 9.5 per cent smaller than it began the yr. AP

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