Rolling coverage of the latest economic and financial news, as the number of UK workers on payrolls falls by 730,000 since MarchPayrolls declined again in JulyONS: Worst quarter since the financial crisisWages declined as bonuses cut back 7.56am BST BCC Head of Economics Suren Thiru fears that more workers will lose their jobs as the governments job retention scheme winds up in October: While the headline data continues to lag behind the reality on the ground, the decline in the number of employees on payrolls and hours worked is further evidence of the damage being done to the UK labour market by the Coronavirus pandemic. The furlough scheme has been successful in preserving millions of jobs. However, with firms continuing to face a perfect storm of increased costs, reduced demand, and diminished cash reserves, unemployment is likely to surge as the government support schemes wind down, unless action is taken. 7.46am BST These charts, from todays jobs report, show how the Covid-19 pandemic has hurt the UK labour market: Continue reading...