New Delhi: Unemployment rate in the United Kingdom (UK) is highest now since 2016. New unemployment rate shows how economy of the country is affected by the coronavirus pandemic.
The way people are losing their jobs and becoming unemployed in the UK – The Office for National Statistics on Tuesday said that “Chancellor of the Exchequer Rishi Sunak acted too late when he expanded programs to support jobs and businesses hit by the worst downturn in 300 years.”
Many organizations and companies have cut costs and a number of people have lost their jobs. Nowadays the number of people who are looking for a job surged 241,000 in this duration and took a jobless rate 4.9 percent which is highest since 2016, National Statistics office said.
Losing a job in the UK is known as redundancies. Last financial crisis the UK has faced was ‘financial crisis of 2009’
The government expects the jobless rate to rise to 7.5%, and a potential no-deal exit from the European Union’s single market will make it even harder for the economy to bounce back.
In the UK – Many companies like Rolls-Royce Holdings Plc is cutting more than 5,000 jobs this year as reduced air travel hammers its aerospace engine business and Heathrow airport which is Britain’s busiest airport says that they are trying to avoid reducing staff by implementing wage cuts, prompting more than 1000 employees to go on strike earlier this month.
Some financial and economic experts say that “The emergency use of vaccines for the virus have raised hopes that the UK economy can start getting back to normal in 2021.
_Vinayak