Britain: Record of redundancies in the third quarter of 2020



British businessmen recorded record redundancies during the third quarter. The country’s unemployment rate soared as the labor market weakened until Finance Minister Risi Sunak turned 180 degrees in support of the coronavirus. The wave of layoffs cost 314,000 British workers, according to Reuters during the quarter ended in September. The figure exceeds 181,000 second-quarter layoffs, the British National Statistics Office (ONS) said on Tuesday. The unemployment rate rose to 4.8%. This is the highest rate since the quarter ended November 2016 and up from 4.5% in the quarter ending in August, as expected by a Reuters economist survey. Investors on Monday hailed the news of the high effectiveness of the Pfizer vaccine, which exceeded 90% in the studies, ONS data show that the British are facing very difficult months. Last week, Sunak was forced to expand the costly wage subsidy scheme, which provides 80% of wages to suspended workers until the end of March, and announced further forms of με billion in support. “But it will help them cope with rising unemployment during the winter.” Hudson, venture capital manager at Premier Milton. Bank of England expects that during the English lockdown this month, around 5.5 million employees will need a payroll subsidy, up from 2 million in October. The seven-week Brexit transition period has also played a role in business insecurity, as Britain and the EU have so far failed to reach a trade agreement. His critics have argued that his previous reluctance to extend the program has led to unnecessary job cuts. “The government’s failure to tackle the employment crisis in time has cost people their lives.” said Jonathan Reynolds, Labor leader. Employment fell by 164,000 jobs Tax figures released on Tuesday show a drop of 33,000 during October and a loss of almost 800,000 jobs since March. The number of job vacancies shows signs of falling. recovery, up 146,000 in the three months to October to 525,000. The number remains much lower than the more than 800,000 before the pandemic. Follow it on Google News and find out all the news first See all the latest News from Greece and the World, at



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