UK unemployment has fallen to the lowest rate since 1974, according to the Office of National Statistics (ONS). The level of people out of work has been on a general decline since late 2013, until the Covid-19 pandemic, which saw it rise until the end of 2020. However, unemployment has since returned to pre-Covid levels, […]

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The UK employment rate increased by 0.1% to 75.7% over Q1 2022, however the great resignation is still very much in action, with an estimated total of 994,000 workers resigning from their positions for new jobs over the period, according to the Office of National Statistics (ONS). “There’s been a record number of people moving […]

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UK unemployment rate falls to 4.8% for the first three months to March Unemployment dropped during the first three months of 2021 despite continued lockdowns as the jobs market recovered. A number of companies are hiring more staff, while some are retaining employees ahead of an expected reopening, according to official data. The Office for […]

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813,000 jobs lost since the beginning of the pandemic Britain’s unemployment rate dropped for the second consecutive month to 4.9% from December to February, a period in which most of the company remained locked down. This is according to figures revealed by the ONS on Tuesday. According to poll of economists by Reuters, the jobless […]

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Workers under 25 account for 63.1% of jobs lost since February 2020 The UK unemployment rate stood at 5% for the three month period to February, 0.1% higher than the quarter before, while lower than economists’ forecast of 5.2%. As furlough measures remained in place and the vaccine roll-out gained further momentum, UK employment has […]

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The governor of the Bank of England, Andrew Bailey, has suggested that the UK’s unemployment rate may actually be higher than official figures currently show as the coronavirus pandemic continues to drive a surge in redundancies. In a speech to business leaders at the virtual Scottish Chambers of Commerce conference, Bailey acknowledged that the UK […]

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New figures suggest that the London job market is falling behind the rest of the country. The Recruitment & Employment Confederation (REC) revealed on Friday that whilst job advertisements were rising in the north-west England and Wales, London was seeing a fall. Between March and October, job adverts in the north-west jumped 36.8% whilst in […]

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New figures from the Office for National Statistics (ONS) have shown unemployment levels to reach a four-year high. As redundancies hit record highs, the UK’s unemployment level has jumped to 4.8% in the three months to September – the highest level since 2016. The ONS said: “For July to September 2020, an estimated 1.62 million […]

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A new report by the Office for National Statistics (ONS) has outlined the impact of the coronavirus pandemic on the number of UK employees paid below the National Minimum Wage. The newly-released figures show that 2,043,000 people aged 16 and over – that’s 7.2% of the total UK workforce – were paid less than £8.72 […]

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The UK’s unemployment period has jumped to 4.5% between June – August. A month ago, the unemployment rate was 4.1% according to the Office for National Statistics. The number of people between this period that were unemployed is 1.52 million, a number that has rapidly increased amid the Covid-19 pandemic. The ONS said: “The annual […]

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Peacocks owner, Edinburgh Woollen Mill, is on the brink of collapse. The group has appointed administrators in an attempt to rescue the struggling business, which has been hit by the “brutal” trading conditions. Over 24,000 jobs are at risk if the owner of the Peacocks brand goes under. Edinburgh Woollen Mill (EWM) has 1,100 stores […]

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Restaurant chain Pizza Express (HKG:3396) and electrical goods store Dixons Carphone (LON:DC) are among the latest companies to announce large-scale redundancies during lockdown. Dixons Carphone The tech retailer said it would be cutting 800 jobs as it began restructuring its staff for a new way of running stores. The company, which owns Currys PC World, […]

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Virgin Atlantic is set to announce a £1 billion rescue deal from Atlanta-based financial services firm First Data, in a last-ditch attempt to avoid collapse without relying on taxpayers’ money. The airline, launched in 1984 by British business tycoon Richard Branson, has struggled to stay afloat during the coronavirus pandemic due to almost universal travel […]

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Fashion retailer Primark, an Associated British Foods (LON:ABF) subsidiary, has turned down a £30 million offer from the UK government for bringing back its 30,000-strong furloughed workforce. The high street clothing chain stated that it “should not be necessary” to take the government up on its offer, which includes a £1,000 bonus for each employee […]

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The number of Americans applying for unemployment benefits reached 1.314 million in the week ending 4 July 2020 – a grim total compared to the mere 209,000 applications this time last year – according to statistics released by the U.S. Labor Department on Thursday. The figures do, however, come in at fewer than the expected […]

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A press release by British engineering giant Rolls-Royce Holding plc (LON:RR) published on Thursday has outlined the company’s £2 billion loan withdrawal to help see it through the tail-end of the coronavirus crisis. Shares at the company have plummeted by more than 8% on the back of the news. Covid-19’s long shadow Rolls-Royce has warned […]

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Swedish fashion tycoon Hennes & Mauritz AB (STO:HM-B) – popularly known as H&M – has announced its plans to permanently close 170 stores across Europe, knocking its share price down 1.40%. The move is said to be a response to plummeting sales during the coronavirus crisis, which caused the retail sector to grind to a […]

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Coffee and sandwich chain Pret A Manger is set to close 30 of its 410 UK stores – jeopardising at least 1,000 jobs – as the company prepares to navigate the post-coronavirus high street. The company has warned that the impact of the pandemic has forced it to make a “difficult decision”. The eye of […]

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Italian high street staple Prezzo has become the latest restaurant chain to seek out a buyer, as the dining industry looks set to emerge from the coronavirus crisis with a slew of bankruptcies and widespread job losses. Prezzo has reportedly asked corporate advisors FRP Advisory to orchestrate an auction of the chain as its 180 […]

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UK Prime Minister Boris Johnson has vowed to spend billions of pounds to rescue the economy, as the country fast approaches a looming economic fallout in the wake of the coronavirus pandemic. Early on Sunday, Johnson took to Twitter to announce his plans to build the country’s way “back to health”. In an interview with […]

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The UK’s Chancellor of the Exchequer Rishi Sunak has warned that there are “tragic projections” for unemployment in the months ahead in a dire reflection on the impact of the coronavirus pandemic on the UK economy. Scrambling to recover Despite the success of the government’s furlough scheme and the much-needed boost from the Bank of […]

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The Society of Motor Manufacturers and Traders state that there is a ‘critical need’ for help as it claims up to one in six car industry jobs will be at risk as the furlough scheme comes to an end. With one in three staff still on furlough across the industry – and with this support […]

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The Bank of England has announced that it will pump an additional £100 billion into the UK economy to help offset the impact of the coronavirus pandemic. The bank’s Monetary Policy Committee (MPC) voted by an 8-1 majority to increase the target stock of UK government bonds – a continuation of the previous £200 billion […]

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A “debt nightmare” is brewing for UK families, according to a survey by the Joseph Rowntree Foundation (JRF) and Save the Children. The report revealed that 60% of families on universal credit have been forced to borrow money due to the impact of the coronavirus pandemic, resorting to payday loans or credit cards to cover […]

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The Labour party has called for an emergency budget to be released this summer in anticipation of soaring unemployment levels once the government’s furlough scheme is fully terminated in October. Shadow Chancellor Anneliese Dodds has urged Rishi Sunak to deliver a “full budget” aimed at preventing unemployment, improving skills training and giving more substantial support […]

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After falling bellow 27,000 points on Wednesday, the Dow Jones followed the FTSE in making notable losses during Thursday trading. This followed a series of bleak Coronavirus updates and the painful Fed and OECD projections double-whammy. During the Thursday session, the US market had to contend with the news that an additional 1.542 million Americans […]

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