Around half a million jobs are predicted to be lost in the United Kingdom this autumn, far higher than job losses of the last downturn, according to the Institute for Employment Studies, a research group.
As per the analysis, companies notified the Insolvency Service of around 380,000 staff at risk of dismissal between the months of May and July.
Most of these came in the latter two months, when dismissal notifications were running at 5 times the average rate witnessed between 2008 and 2020.
“This data lays bare the scale of the jobs crisis that we’re facing in the autumn”, said Tony Wilson, the IES’s director, adding that while “this restructuring cannot be averted entirely, we can do a lot more to minimise the job losses and support those who are most at risk”.
