The latest figures show that employers across Calderdale and the UK are planning to make twice as many redundancies as they did at the height of the last recession.
Local businesses battled a financial crisis 11 years ago, with just under 200,000 job cuts planned between January and March.
380,000 were planned between May and July this year – and that figure could rise to 735,000 by this autumn according to the latest predictions.
The Coronavirus is naturally a key factor behind the rise in redundancies, with social distancing and other measures preventing many businesses from opening, and reducing footfall on high streets and in town centres.
It’s forced many businesses to take drastic action in order to safeguard their future, which has sadly resulted in many employees being made redundant.
Businesses who make 20 more workers redundant are required to notify the insolvency service. And newly available data reveals the extent of the action being taken by bosses, with nearly 400,000 positions listed as being at risk between May and July this year.
Tony Wilson, a director at the Institute of Economic Studies, said: “Comparing what is happening now with what was happening in the last recession shows us we are experiencing a jobs crisis unlike anything we have seen before.”
The Institute has added its voice to the argument calling for additional support for firms to retain staff, as well as new training provision for personnel losing their jobs.
The Government recently confirmed that it has no plans to extend the furlough scheme, which is due to end on 31 October, although it has also announced a new ‘kickstart’ scheme, which allows businesses to apply for funding to hire apprentice staff.
Local businesses, partnerships and sole traders still face big decisions as the UK battles the effects of Coronavirus.
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