Biggest jump in UK redundancies since 2009 as Covid-19 hits jobs market – business live

Rolling coverage of the latest economic and financial news

7.52am BST

Today’s jobs report shows clearly that the UK labour market deteriorated sharply in July.

With some firms struggling badly, the total jobs lost since March has now risen to almost 700,000 (measured by the number of people on company payrolls).

Britain’s labor market took a turn for the worse in July even as the economy gradually reopened, taking total job losses under the pandemic to almost 700,000 and raising pressure on the government to extend support programs.

Employment fell by 102,000, the first decline since April, the Office for National Statistics said Tuesday. The single-month unemployment figure reached 4.4%, the highest since 2018.

7.44am BST

Economists are deeply concerned that UK redundancies are going to keep rising sharply.

Her’es Sam Tombs of Pantheon Economics:

We’re still just at the start of what looks set to be a brutal period of redundancies:

A harbinger of what lies ahead, 156,000 redundancies in the UK in the three months to the end of July – the largest annual and quarterly increases seen since 2009. But, as always, remember how many jobs were still furloughed at the time of these statistics…

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