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Figures Show 730,000 Job Losses Since Start of Lockdown

Posted 1 months ago

Figures Show 730,000 Job Losses Since Start of Lockdown
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As the UK government continues to ease lockdown, it has been revealed that just under 730,000 jobs have been lost since the start of the Covid-19 pandemic. 

The news comes as the UK prepares itself for what has been described as the biggest recession in the country’s history. 

In data released by the Office for National Statistics (ONS), 81,000 net fewer people were shown on company payrolls in the last month despite the government’s coronavirus loan schemes and Job Retention Scheme

Additionally, the claimant count - which includes those claiming benefits for unemployment and low incomes - rose by 166.8% to 2.7 million between March and July. 

There is evidence too of a squeeze on incomes, with regular pay falling by 0.2% in the three months to June compared to the same period last year. 

The ONS have said this represents the first negative growth in regular nominal earnings since records began in 2001. 

The official unemployment rate remains static at 3.9%. To be counted among the unemployed, workers need to be looking for a new job, which as a result of the pandemic, many have decided not to do, the ONS said. 

Commenting on its findings, ONS deputy national statistician for economic statistics, Jonathan Athow said: “The labour market continues its recent trends, with a fall in employment and significantly reduced hours of work as many people are furloughed.

“Figures from our main survey show there has been a rise in people without a job and not looking for one, through wanting to work. 

“In addition, there are still a large number of people who say they are working no hours and getting zero pay. 

“The falls in employment are the greatest among the youngest and oldest works, along with those in lower-skilled jobs. 

“Vacancies numbers began to recover in July, especially in small businesses and sectors such as hospitality, but demand for workers remains depressed. 

The furlough scheme ends in October, though the government has promised a £1,000 per employee bonus to any company that brings back furloughed staff and keeps paying them until January.

Author: Sacha Bright & Oliver Murphy

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To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed. Nextfin is not liable for any damages arising from the use of or inability to use this site or any material contained in it, or from any action taken as a result of using the site.  

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