Almost 40 per cent of UK firms to cut staff
- 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.