The job market in the UK is in shambles

Sponsored content

The job market in the UK is in shambles, and the pandemic is making it difficult to do much about it.

It doesn’t seem likely that the economy in the UK is going to get any better any time soon. At the rate that jobs are currently lost, it looks like it would take a year or two for the economy to get back on track. After a lot of research, the Bank of England warned that UK unemployment will spike at 2.5 million by the end of the year, as firms cut jobs due to the shock of Covid-19. Some have even predicted this to reach as high as three million. In its latest forecasts, the Bank predicts the jobless rate will almost double to 7.5%, and only fall slowly in late 2021. Although the unemployment rate is not changing from 3.9% which is where it has been since the beginning of the year, the best way for someone to learn about the actual statistics is by seeing the number of people claiming unemployment benefits.

The economy would be in a significantly worse state if the Government were not assisting most businesses with the schemes that they are running. These schemes are forcing companies to hold on to their staff with the Government paying 80% of their salaries and the companies only, the difference. Once the Government bails on all the schemes that they are running for their people, which they are already planning on doing by October, they predicted that the economy will fall to a significantly a worse state than it has in the last three centuries.