Redundancies hit record 314,000 as coronavirus take further toll on jobs

Business

A record 314,000 redundancies were recorded in the three months to September as the coronavirus took a further toll on jobs.

Figures from the Office for National Statistics (ONS) also showed the unemployment rate rose to 4.8%, its highest level since November 2016 and up from 4.5% the month before.

ONS data for October also suggested that the number of employees on UK payrolls has fallen by 782,000 since March.

The jobs crisis is expected to worsen over coming months.

Last week the Bank of England said it expects unemployment to reach 7.75% by the second quarter of 2021.

The UK economy was plunged into the steepest recession on record earlier this year.

Figures later this week are expected to show a partial recovery in the third quarter but new lockdown measures across England look set to throw the UK back into a renewed contraction as 2020 draws to an end.

Chancellor Rishi Sunak has extended the furlough scheme subsidising wages for temporarily laid-off workers until the end of March.

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