Nearly 2 million people in the UK haven’t worked for more than six months during the coronavirus pandemic, and the long-term economic damage from the crisis is increasing workers’ risk.
The Resolution Foundation revealed in January that up to 1.9 million people had been unemployed for more than six months or took full leave of work, and revealed the lasting impact on employment from Covid and multiple closures.
Emphasizing the workers’ risk from long-term unemployment, she urged Prime Minister Li Shi Sunak to use the budget for next month to expand targeted support for the sectors of the economy that were hit hardest by the crisis.
The report warns that the economic outlook is steadily improving thanks to vaccination programs and many workers are still concerned about their job outlook while the government is preparing to lift the covid restrictions.
Redundancy is growing at the fastest rate on record, and the Office for Budget Responsibility, an independent economic forecaster for the Ministry of Finance, estimates that the unemployment rate will reach 2.6 million people year-round as the dormancy system eases.
The system, which supported wages of about 50 billion jobs, which reached its peak in May last year, is expected to close at the end of April. According to the Resolution Foundation, about 4.5 million jobs have been released during the current shutdown.
According to the study, 8% of currently employed workers expect to lose their jobs or are told they will be fired within the next three months. This figure goes up to 21% among those who are silent for at least six months of the crisis.
The findings come as pressure is put on the Prime Minister to announce a new package of tax cuts and business subsidies on the budget to ensure a quick economic recovery from the pandemic. The British Chamber of Commerce (BCC) warned Thursday that sales to UK customers have declined in up to 61% of businesses over the past three months, according to a survey of 1,100 companies.
Emphasizing the risks to the enterprise from the cumulative impact of the one-year Covid restrictions, a quarter of the companies said they plan to duplicate their employees in the event of a sudden cessation of state support this spring.
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Adam Marshall, BCC’s Director, said: Companies eagerly want to restart trading so they can increase their profits and think about the future. This requires a clear evidence-based plan for resumption to be identified, time to reopen without unnecessary extra taxes, and security to know that the government will support it again if additional restrictions are imposed. anytime.
A cross-party group of more than 40 MPs also warned on Thursday that pubs, bars and nightclubs are at risk of extinction unless the Prime Minister uses the March 3 budget to increase emergency assistance to businesses. In a warning report that the city center is at risk of becoming a ghost town, 85% of those working in the night economy say they are considering leaving the industry.
The Resolution Foundation said additional plans should be extended while public health restrictions remain, and should be maintained longer in areas still facing legal restrictions such as hospitality and leisure. Then you need to remove them step by step.
The Treasurys 2 billion kickstart plan, designed to support young people who could get a job, also added that it should be extended beyond the end of 2021.
Nye Cominetti, Senior Economist at the Resolution Foundation, said: While the UK’s economic outlook is finally expected, job anxiety is still high, especially among those who haven’t worked for a long time or are currently still.
A spokesman for the Ministry of Finance said it was committed to supporting jobs during the crisis. We will continue to invest in protecting and creating jobs through the rest of the epidemic and recovery, and with the upcoming budget we will set more details through the next steps in job planning.
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