Britain: Rising unemployment – Record redundancies

Unemployment in Britain rose again as the number of layoffs hit record highs as companies prepared for the end of the government subsidy program, which was eventually extended to the first months of 2021.

Official figures show the unemployment rate rose to 4.9%, from 4.8% in the three months to September, the highest in more than four years.

However, the increase was smaller than expected by most economists, who forecast an increase of 5.1%.

The number of layoffs reached a record 370,000 in August-October, although there was a small increase only for October, according to the National Statistics Office (ONS).

“In general, we have seen recent trends continue, with further weakening in the labor market,” said ONS chief economic statistician Darren Morgan.

For most of the period covered by the figures released today, Finance Minister Risi Sunak rejected requests to extend the job program after it was scheduled to expire on October 31, raising fears of rising layoffs. . However, as the country was hit by a second wave of coronavirus outbreaks, Sunak was forced to extend the program until March 2021.

Source: Reuters – AFP