British finance minister Rishi Sunak said the figures showed the government's support programmes were working but job losses were inevitable. — Reuters pic
Separate tax data for July showed that the number of staff on company payrolls had fallen by 730,000 since March, sounding the alarm about a potentially much bigger rise in joblessness. “The fact that reduced hiring rather than increased firing of permanent staff is the main cause of the jobs slowdown to date bodes ill for the coming months if more employers turn to redundancies as a last resort.”
A string of companies plan layoffs, ranging from British Airways and London’s Evening Standard newspaper to retailers WH Smith and Selfridges. The ONS is expected to announce tomorrow that Britain’s economy has fallen into a recession with a 21 per cent slump in the size of the economy in the second quarter.
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