Since the COVID-19 pandemic took hold in the UK, the UK’s labour market has lost 695,000 jobs, with unemployment jumping by 4% since July.
With the end of the Governments furlough scheme now worryingly close the UK could face record unemployment in 2021.
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Six months into the pandemic, some of the UK’s biggest brands and employers have slipped into administration, or closed down entirely; With high street names like DW Sports, Benson Beds, Harveys Furniture and many more all blipping out of existence while people are in Lockdown.
As the UK gets to the end of 2020, we have the spectres of the second COVID-19 wave and a no-deal Brexit to cope with. With no reprieve to the nations economical woes in the sight, it is unlikely these jobs will return any time soon.
We can only hope Sunak realises its better to have people spending money than begging for it and extends the furlough scheme; or that he starts considering other alternatives such as Universal Basic Income.
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