In the UK, close to half a million redundancies are likely to be announced in the autumn, although the number could end up exceeding 700,000, according to a study that lays bare the scale of the Covid-19 jobs crisis facing the UK.
These job cuts are on top of 240,000 redundancies officially recorded by the government up until June.
That means the total redundancy figure for 2020 could top one million.
In a bleak warning, the Institute for Employment Studies (IES), which published the analysis, said the number of jobs likely to be lost “will almost certainly exceed anything we have experienced in at least a generation” – far exceeding the peak reached in the last downturn just over a decade ago and the highest since at least 1995.
With the autumn budget weeks away, it is calling for urgent measures to support those affected, stimulate employment growth and provide targeted help to viable firms.
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