Unemployment in the UK has risen to its highest level in more than three years according to the latest figures.
The surge continues as businesses in Kirklees, Calderdale and throughout West Yorkshire struggle against the challenges posed by the Coronavirus pandemic.
The UK’s unemployment rate grew to 4.5% during the three months leading into August, up from 4.1% recorded during the previous quarter.
Redundancies are also at their highest level since 2009, with small and large business owners operating locally forced to make tough decisions to safeguard the future of their firm.
The figures have been revealed following the Government’s announcement of a new tiered lockdown system that is certain to have a knock-on effect for business owners.
More than 1.5 million Brits were recorded as being unemployed between June and August, with just under a quarter of a million made redundant.
The data shows that young people have been disproportionately affected.
To help soften the impact and protect jobs, the Government has introduced several schemes, including contributions toward salary costs and the funding of apprenticeships.
But with the furlough scheme scheduled to end this month, unemployment is expected to rise even further as businesses struggle to generate the income to meet salaries.
A leading banking group has predicted that the unemployment rate could peak at 8.5% at the start of next year.
Cooper Accounting is working with businesses to help them through the difficulties posed by Coronavirus.
We help business owners, sole traders and partnerships understand the incentives available to them, while also assisting with the management of cashflow.
Get in touch for an informal chat.