U.K. economy has shed 700,000 jobs since March. And it’s about to get worse

The U.K. economy has shed nearly 700,000 jobs since March due to the lockdown forced thereon , with five million people still temporarily kept faraway from work, the U.K.’s statistics office said on Tuesday.

– The U.K. percentage rose to 4.1% within the three months to July, mostly thanks to the rise within the number of unemployed children . This remains one among rock bottom in Europe, where it stood at 7.2% within the European Union in July. https://www.digitrama.com/

– the work situation deteriorated despite the generous furlough programs and other job-supporting measures decided by the govt within the significant stimulus plan it unveiled early within the crisis to counter the consequences of the coronavirus pandemic.Digital Marketing Company

– Despite the sharpest fall of gross domestic product in Europe within the second quarter of the year, the U.K. is that the country that best protected jobs over an equivalent period, with the amount of individuals employed roughly stable, while it fell by 3% within the remainder of Europe.

– during a study released in the week , the Institute for Employment Studies estimated that almost 450,000 dismissals by U.K. employers are expected within the next three months.

The outlook: Like other similar economies, the U.K. is bracing for a significant deterioration of the market within the months to return . First, because the swift recovery that followed the easing of restrictions in June is already slowing down. Second, because the govt is phasing out the costly job-support programs it adopted in March. Third, because Brexit will hurt the economy when it becomes real on January 1 — and therefore the hit are going to be even worse if the EU and U.K. fail to conclude a trade deal, as is becoming likely.

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