11,000 jobs gone in two days more to come?

[DreamChaser23]

www.google.com/amp/s/www.bbc.co.uk/news/amp/business-53247787

It seems from August employers will have to pay pension and national insurance contributions so firms are increasing in the number of redundancies.

Of the 9m furloughed how many do you think will lose their jobs before 2021? More than half at least?

@Whoknowswhocares

*Culture and arts, theatres. Restaurants, hospitality, pubs. Universities. Sport. Venues and suppliers that rely on large indoor events. The high street.

All would resume at 100% capacity in a covid-free Britain*

Well aside from the fact that several of those you’ve listed are frequented and filled to capacity by foreign tourists

Covid test before departure by two days, test again on arrival. That would probably catch the vast majority of cases.

Tourists bringing in covid and generating a further cycle of local lockdowns would be far more damaging economically.

I’m actually shocked at the number of people I’m connected to on LinkedIn who have already been made redundant. And most of them in industries or huge businesses that you’d assume would be relatively safe. Such an awful worrying time

I've been made redundant today too!

Our fixed term contracts (charity funded ) have been extended until Dec 2021 which I wasn't expecting so I am relieved for now , in the longer term I don't know what will happen. Dh is worried about his .

Only one of our superdrugs was open and has been great. They were a little nervous at first but soon got into the swing of things - useful for keeping on top of my hay-fever and increasingly wild hair! Both boots have been open. Partially. Toiletries and health care only, really, and the one in the retail park near me has had staff outside bossing customers about almost every time I've passed. Just this Monday, the guy on the door was interrogating people in the queue about what they were going in for saying "I have to ask this"

I’ve been made redundant too. Lawyer.

@Whoknowswhocares

Yet a great many of those saying how terrible the job losses and the economic damage is will be the same people who want us to all stay at home and ‘Keep safe’ People don’t seem to understand one problem is the direct result of their solution to the other

More decidive action on the virus in Feb/Mar would have really helped with a quicker economic restart.

We are in a tricky place now as our cases are not low enough to fully reopen, but neither can we carry on at this level economically.

We can't choose between health OR economy, it should have been health AND economy.

It's a mess.

*decisive

I feel really sorry for the youngsters just leaving school/uni with little or no experience they are really going to have a tough time.

I don't know anyone who has been made redundant yet, but I know a lot of people in the entertainment and hospitality industry.

The entertainment industry is a shit storm at the moment and many have struggled to keep their heads above water, due to being self employed or companies (especially make up and costume.) Friends in the hospitality industry are still holding their breath.

Weirdly though, a few pubs on my local facebook are screaming out for staff and I am not 100% way, as they were fully staffed before it hit . None of them are spoons

If the pubs employed students, many relocated home?

I was made redundant on Friday. DHs work is recruiting so for the moment he feels secure. His is a very specialised industry so I cant apply 🙁

Furlough was only ever going to stop redundancies happening all at once, and it might avert some.

Sectors and businesses which furloughed a lot of staff are the ones where lay offs are most likely. And to be blipunt, it is the staff whom were furloughed who are most vulnerable. Because if you were a vpbudiness owner, trying to stay afloat and were doing so in skeleton staff, you'd choose your most valuable to cover the work, wouldn't you?

It won't be clear cut, because of furlough being the easiest way to protect exceptionally vulnerable staff. Assuming businesses are going to be properly Covid-safe when they return

Without a doubt there will be more.

Also, I would say you can at least quadruple any figure reported in the press because for every large business getting rid of 100s of people there will tens of smaller companies getting rid of tens of people.

There will be more. I'm 50/50 on whether I will be made redundant. My boss has pledged to try his hardest to keep everyone on but there's still not enough work, 70% of us are still on furlough and one of our two factories is still shut (manufacturing industry). I just don't see how we will all survive. I haven't heard anything about redundancy yet though and I'd have thought the process would need to be started now if they couldn't carry on paying my NI and pension past August.

DP going through the redundancy process, he’s been furloughed since the start of lockdown. Hospitality, no jobs going as he’s been looking since he started furlough. He’s been rejected for jobs such as supermarket delivery, as they have the pick of the bunch and he has no previous experience in that area.

Mine looks secure, as long as the economy does start to pick up. IT supplying the Pharma industry. We are recruiting too. However we are getting 100s of applications for each vacancy.

Certain sectors will be hit harder, namely non essential retail, hospitality etc. As others have said, there is a whole economy built around people commuting into offices. I noticed TM Lewis went into administration yesterday - a shop that sells office clothes (suits and shirts etc), guessing few people are buying office clothes at the moment. Some sectors will do well, or at least remain stable - my guess is essential retail, pharma, tech sectors will be ok.

The problem is going to be the fact thAt all these redundancies are happening at the same time and there is nowhere near as many places hiring.
It’s actually more worrying than the virus!

No-one and no industry is 100% safe unless you are in ICU I guess!
It’s not just the big companies with lots of redundancies it will have a knock on effect or the cafes and sandwich bars and after work pubs and local business that those redundant people spend thier money in. And if a significant proportion of people start worki from home regularly they also aren’t going to be getting public transport, spending in cafes, popping to the shops in thier lunch hour, even things like not having as much wear and tear on thier tyres do not getting them changed as frequently!!!
It’s such a delicate web of dependency.
I don’t know what the answer it. House prices are so high that people can’t even buy with 2 people earning let alone only 1. I do hope this doesn’t mean more buy-to- let landlords as that will are the problem even worse.
DH job fairly secure, it’s in telecommunications which is more important than ever now with everyone working remotely and within the company his department would be the last one putting the lights out. I’m on furlough as seeing as congresses and events and exhibitions have been cancelled for at least a year I’m not sure if I’ll have a job to go back to. The bosses are frantically applying for tenders and trying to get more digital work but we just don’t know. It’s a tiny company and the rest of us have been furloughed.

This is what’s baffled me. The furlough scheme did help lots of people and business but for many it ‘helped’ by prolonging the inevitable and plunging the country into massive debt to do so! So when the inevitable finally happens there won’t be any real financial support in place.

People won’t see it as ‘well we already had our 3/4 months of support so that’s why there’s nothing now’ though, they’ll be livid and angry that the government aren’t helping them financially now they have been made redundant. I honestly think it would have made more sense to put the furlough scheme in place only for people who would be made redundant otherwise and make companies prove they otherwise couldn’t afford to keep them on.

Either way, it does feel like no matter what the gov pay out or give financially nobody ever thinks it’s enough and want to pretend they’re a Forrest of magical money trees bojo is keeping locked away.
There will be mass redundancies, there will be mass loss of homes and a big recession. There will not be enough money to help people. At this rate I’m not even sure there will be enough to continue paying the UC/pensions that were already in place before this.
I worry there will be riots and looting when people figure all this out.

"I honestly think it would have made more sense to put the furlough scheme in place only for people who would be made redundant otherwise"

That was always the intention, it was to avoid layoffs.

There wasn't time for a validation exercise, about exactly how much trouble a business was in.

@lljkk

This is what people wanted... ok, they didn't want a pandemic, but they wanted to pay any price to dramatically reduce deaths from covid. At least we're not Brazil or even Mississippi.

Agree. People going on about us opening up too early or the pubs being open. It causes huge job losses if you don't open back up and yet the same ones will blame the goverment for people losing their jobs. You can't have both

@brieandchilli

I’ll see if I can find a link to an article I read. Apparently public transport was running at 6% capacity in May. I’m assuming it’s gone up a bit since then. The article talked about the delicate web of dependency, as you say. It’s frightening when you sit down and think about it. I’ve been working from home since March, in that time I haven’t bought coffee or lunch out, bought any new work clothes or shoes (have been living in gym kit), gym membership has been frozen (we’ve been running and walking outside for free), used a dry cleaners, used public transport, mileage on our cars is really low so we’ll probably keep them a bit longer, haven’t had eyebrows or hair done. It’s also discretionary spending that will be hit - I go in to shops for what I need now, don’t feel as though I should be browsing, so for example if I went in to Boots for shampoo I’d probably browse and come out with a few extra bits but now I just go in for what I need.

People don’t seem to understand one problem is the direct result of their solution to the other It never was an either/or. People were already cutting back before the lockdown - I was involved in cancelling events over the summer before the government talked about lockdown, and the last event I went to was half empty. An increased level of infection would itself have caused huge damage to the economy.

I’ve been working from home since March, in that time I haven’t bought coffee or lunch out, bought any new work clothes or shoes (have been living in gym kit), gym membership has been frozen (we’ve been running and walking outside for free), used a dry cleaners, used public transport, mileage on our cars is really low so we’ll probably keep them a bit longer, haven’t had eyebrows or hair done. It’s also discretionary spending that will be hit

Yes & even those who keep their jobs & or return to the office may not spend in the traditional way. I had no idea how much money I "wasted" & won't be returning to certain habits. However I have put money into other things.

Also lots of businesses were struggling before Covid.

My friend is an NHS admin manager and had over 100 applications for a band 2 clerical role. Some of the people applying had degrees and had previously worked as office managers, PAs, HR officers etc.

@yinnybun

It’s complicated isn’t it. People (including me) should be spending our money but it’s difficult when so many people are losing jobs, instinct is to save instead.

I saw another report saying that while spending was down people are paying a lot of money off debt instead. So that means the financial services industry will be hit too, as they won’t be receiving as much money in interest payments.