Almost 40 per cent of UK firms to cut staff

30th April 2020 / NewsBits
  • Roughly 40 per cent of UK firms expect to lay off staff over the next 12 months, a survey has shown, raising the prospect of many more job cuts in the UK economy.
  • UK unemployment has already surged as coronavirus lockdown measures cause businesses to close or cut costs significantly. Close to a third of firms said they expected to freeze pay.
  • Overall, 74 per cent of businesses said they were being hit hard by coronavirus, although 10 per cent said the lockdown had benefited them.
  • Companies were not optimistic about a quick bounce-back. Manufacturing firms were most pessimistic, with 22 per cent expecting their supply chain to return to levels seen before the outbreak within three months.

Source: CityAM


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