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Gloucestershire Business News

Redundancies threaten to outstrip previous recession

Job losses across the UK are on course to more than double the number during the worst stretch of the last recession during the financial crisis.

And figures from the Institute for Employment Studies said the final figures for this autumn could almost double again.

Obtained from a Freedom of Information requests, the figures show from May to July more than 380,000 planned redundancies had been lodged with the Insolvency Service - a necessary step if 20 or more employees face losing their jobs.

That compares to 180,000 between January and March 2009.

With under job losses not requiring a HR1 form to be filed with the Insolvency Service, the IES believes the actual figure between July and September could be nearer to 445,000 job losses.

And with redundancies running at 80 per cent higher than notifications in the financial crisis, that number could rise to 735,000 - although planned redundancies do not always go ahead.

IES director Tony Wilson said: "Comparing what is happening now with what was happening in the last recession shows us we are experiencing a jobs crisis unlike anything we have seen before."

TUC general secretary Frances O'Grady has warned of a 'tsunami of job losses" as the Coronavirus Job Retention Scheme winds down towards ifs withdrawal at the end of October.

Thursday marks 45 days before the end of the scheme which is the notice period required for any mass redundancies.

Ms O'Grady is due to tell the annual congress today: "Rishi Sunak, stand by working families - don't walk away.

"It's so much better to keep people working, paying their taxes, spending and helping to rebuild the economy."

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