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UK redundancies spike

Tuesday, October 13, 2020

Redundancies in the UK jobs market have spiked, following a very similar trajectory seen in the last financial crisis, with 114,000 jobs lost between June and August. The overall unemployment rate rose to 4.5%, an interim high since 2017, and it is likely that this will continue to increase despite the 673,000 drop in payrolls since March. It appears that the furlough extension seems to have come too late for many UK firms who have slashed positions in the last few months. With a no-deal Brexit looming, the fear is that the economy gets hit with a triple whammy in the winter months of rising unemployment, rising Covid-19 cases and trade tensions with the EU – not a great scorecard for Boris Johnson et al.  

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