At least 10,000 UK workers axed in two days as clock ticks down on Covid jobs scheme
Many thousands of further redundancies are expected
At least 10,000 jobs have been slashed in the UK in just 48 hours as companies battle to stay afloat during the coronavirus crisis.
High-street retailers and the aviation sector are “bearing the brunt of the losses” as the economic impact of the pandemic continues to be felt, says The Times.
SSP, the parent company of Upper Crust, announced yesterday that 5,000 employees were being made redundant, while John Lewis, Harrods and Philip Green’s Arcadia, which owns Topshop, confirmed a total of around 1,200 job losses.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Harrods managing director Michael Ward pointed to both social distancing measures and the “devastation in international trade” when explaining the company’s decision to cut around 14% of its 4,800-strong workforce.
The news came less than 24 hours after plane-maker Airbus announced 1,700 staff cuts in the UK, and easyJet shared “plans to pull out of Stansted, Southend and Newcastle Airports, possibly putting more than 700 jobs at risk”, reports ITV News.
Aviation firms are in the midst of “the gravest crisis the industry has ever experienced”, said Airbus chief executive Guillaume Faury.
Meanwhile, menswear company TM Lewin collapsed into administration, costing 600 jobs, with furniture store Harveys also going under, resulting in 240 redundancies.
A further 900 cuts were announced at management consulting firm Accenture, while 300 redundancies are being made across Virgin Money, Clydesdale Bank and Yorkshire Bank, according to the BBC.
And many more job losses are expected as other companies seek to reduce costs ahead of the winding down of the government’s furlough scheme.
The Bank of England has predicted unemployment rates may hit 10% by the end of this year, reports the Financial Times.
–––––––––––––––––––––––––––––––For a round-up of the most important stories from around the world - and a concise, refreshing and balanced take on the week’s news agenda - try The Week magazine. Start your trial subscription today –––––––––––––––––––––––––––––––
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
'Make legal immigration a more plausible option'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
LA-to-Las Vegas high-speed rail line breaks ground
Speed Read The railway will be ready as soon as 2028
By Peter Weber, The Week US Published
-
Israel's military intelligence chief resigns
Speed Read Maj. Gen. Aharon Haliva is the first leader to quit for failing to prevent the Hamas attack in October
By Justin Klawans, The Week US Published
-
The birth of the weekend: how workers won two days off
The Explainer Since the 1960s, there has been talk of a four-day-week, and post-pandemic work patterns have strengthened those calls
By Chas Newkey-Burden, The Week UK Published
-
Boeing's problems have become an opportunity for China's plane manufacturer
Under the Radar COMAC is looking to pass both Boeing and Airbus in the international market
By Justin Klawans, The Week US Published
-
Will the UK economy bounce back in 2024?
Today's Big Question Fears of recession follow warning that the West is 'sleepwalking into economic catastrophe'
By Chas Newkey-Burden, The Week UK Published
-
Why household wealth took off during the pandemic
Under The Radar The Covid-19 pandemic caused a lot of pain and hardship, but new research shows it also left most Americans wealthier
By Justin Klawans, The Week US Published
-
Empty office buildings are blank slates to improve cities
Speed Read The pandemic kept people home and now city buildings are vacant
By Devika Rao Published
-
Inflation vs. deflation: which is worse for national economies?
Today's Big Question Lower prices may be good news for households but prolonged deflation is ‘terrible for the economy’
By The Week Staff Published
-
Interest rates rise to 5.25% for first time in 15 years
Speed Read Inflation is slowing but at 7.9% it remains well above the Bank of England’s 2% target
By Julia O'Driscoll Published
-
Five options to get the UK back to 2% inflation
feature Some economists believe alternatives to raising interest rates are in the country’s best interests
By Sorcha Bradley Published