2021-01-26 09:04:03| Guardian Unlimited Business - more business news
UK unemployment rate rises to four-year high with 828,000 jobs gone since start of pandemic; IMF releases its World Economic Outlook later 8.04am GMT Hinesh Patel, portfolio manager at Quilter Investors, has taken a broader look.Job losses are concentrated in certain industries, particularly the accommodation and food services sectors, with part-time and self-employed workers bearing the brunt of the pain.The imposition of fresh lockdown restrictions means we are living in this state of suspended animation for much longer than anticipated, delaying our recovery for a little while yet. 7.59am GMT The Institute of Directors has called on the chancellor to extend the governments job retention scheme and other support measures beyond the spring.Tej Parikh, the IoDs chief economist, says:The pandemic continues to rip through the labour market. A return to tighter restrictions late last year will have stretched businesses ability to retain staff. Meanwhile, the furlough scheme will have provided an invaluable cushion for many firms, preventing unemployment from edging up even further.It is now crucial that the Job Retention Scheme and other Covid-19 economic support is extended beyond the spring to support employment as restrictions continue. The latest lockdown will have only added further pressure on firms with troubled balance sheets, which means more jobs are likely to be lost in the coming months. Continue reading...
2021-01-26 09:03:19| BBC News | Business | World Edition
The rate rose to 5% in the three months to November, as coronavirus continued to hit the jobs market.
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