The UK is hit by losing almost 700k jobs. The critical period for the UK’s labor market starts in October, when the governmental aid expires. Single month unemployment reached 4.4% – highest since 2018, Bloomberg reports.
- Currently, the governmental plan has supported over 10 million jobs, while the number of people claiming benefits exceeded 2.7 million in total.
- Companies are already notifying the authorities about further layoffs, which may lead to a total number of job losses twice as big as the UK saw during the 2008-2009 financial crisis.
- The Office for National Statistics claims employment fell by 102,000, which is the country’s first decline since the quarantine started.
Some of the most prominent employers announcing even further layoffs include Virgin Atlantic, British Airways, Pret a Manager, and the London City Airport.
GBP/USD is down 3.82% for the last month.