Redundancies surge to record high of 370,000 as unemployment rate hits 4.9%

REDUNDANCIES have hit a record high of 370,000 workers as the unemployment rate hit 4.9% in the three months to October.

The latest figures were released by the Office for National Statistics this morning.

Redundancies have surged to a record high of 370,000 in the three months to October

Darren Morgan, ONS’ director of economic statistics, said: “Overall we have seen a continuation of recent trends, with a further weakening in the labour market.

“The latest monthly tax numbers show over 800,000 fewer employees on the payroll in November than in February, with new analysis finding that over a third of this fall came from the hospitality sector.

“In the three months to October, employment was still falling sharply and unemployment was rising, but the number of people neither working nor looking for work was little changed.

“Average hours per worker were continuing to recover, though this was before the second lockdown in England.

“While there was another record rise in redundancies in the latest three months as a whole, they began to ease during October.”

More to follow…

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