Prime Minister Rishi Sunak has signaled that further steps can be taken to stop the tide of unemployment, as official figures showed the sharp rise in layoffs in Britain after the financial crisis.
According to data from the National Statistical Office released on Tuesday, the unemployment rate rose to 4.1% in the three months through July, up 48,000 from the previous quarter. According to the data, despite the fact that the overall employment rate was stable, older people, self-employed and part-time workers were the hardest hit, and many quit their jobs.
These figures are bombarding Conservatives and Labor lawmakers asking them to do more so the prime minister can do more to help workers at risk of losing their jobs if the government stops cutting wages through a closure system at the end of October. Brought up.
Mel Stride, chairman of the Commons Treasury Council’s Tory, called for “support for additional targets,” warning that there will be hundreds of thousands of “survivable” jobs again after the Covid-19 threat is lifted.
Other Conservative party lawmakers have called for more help in sectors that could be affected by the continued closure. Rep. Nickie Aiken, representing London’s West End, highlighted the plight in the hospitality sector.
Meanwhile, Labor opposition leader Keir Starmer said at the annual meeting of the Trade Union Congress: “Of course, the regret plan cannot last forever. . . But the truth is this: the virus is still with us. Infection is on the rise. Closures are on the rise. . . It makes no sense for the government to withdraw aid now.”
Despite increasing inter-party demands to extend or replace Sunak’s dormancy regime, he insisted that the Treasury is doing enough to support the labor market through measures such as temporary wage increases. Workers nodding again, and a kickstart plan to create jobs for the young unemployed.
But he hinted on Tuesday that he might be ready to take further action if the economic outlook worsens, telling the cabinet that he would be “creative” in finding ways to help people through gloomy fall unemployment. He promised again later. In the House of Representatives.
“During this crisis, I have not hesitated to act in creative and effective ways to support jobs and employment, and I will continue to do so,” he told lawmakers.
The Ministry of Finance is currently working on options to support the job market. Although the extension of the halo in its current form is hardly certain, Sunak told his cabinet colleagues, “Preventing people from working indefinitely is not the answer.”
He later argued that the scheme “performed as planned” through an ONS survey, showing that workers continued from July onwards and showed only limited redundancy increases during the summer.
ONS’ Tuesday figures support this claim. According to the most timely data, the number of employees in the UK salary was almost 700,000 lower than the pre-epidemic level, but only 30,000 decreased between July and August, the months when employers began contributing to the cost of released employees.
Most economists believe that job losses are not prevented and delayed, as companies are more likely to start large rounds of redundancy as wage subsidies end.
However, good arguments exist for the prime minister to be costly and to resist the extension of the broad halo scheme. This does not help self-employed or young people struggle to enter the labor market, and ONS data shows that these groups are experiencing a major decline in employment. Moreover, workers who have worked for months may struggle to move to a new job later.
Business groups and unions argue that the government should instead consider a more targeted wage subsidy scheme that focuses on the companies most affected by social distancing restrictions and provides a lower level of support to employees working above a percentage of their normal working hours. I did. .
However, the OECD has warned the government about subsidizing sectors that are set to shrink in the long run instead of helping workers move to growth regions.
A government official said another option under consideration is to temporarily cut employers’ national insurance premiums. Although this was marred by Sunak’s allies. Reducing the NIC is one of the simplest ways to cut down on a company’s labor costs, but the Treasury will make a reservation for costly interventions that can subsidize many jobs that are not threatened and do not reach the lowest waged workers.
Sunak is also under pressure to expand support to those who have already lost their jobs, make temporary increases in universal credit permanent, and strengthen government investment in labor-intensive areas such as social welfare.
However, the minister’s own inclination may be to take additional steps to increase consumer confidence, following the success of his “Eat Out To Eat Out” plan that called for more than 100 million discounted meals in August.
In a cabinet briefing on the economic situation, he added that the UK, unlike Germany, is particularly vulnerable to a decline in consumer confidence: “We are an economy driven by consumer spending, so consumer confidence is driven by our recovery and we do everything we can to strengthen it. You should.”
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