About 2.6 million UK workers expect to be fired soon

About 2.6 million people in the UK, or 8% of workers, expect to lose their jobs in the next three months, according to a survey that suggests long-lasting damage to the economy from the coronavirus.The figures include people who have already been told that they will be made redundant, with young people and the lowest earners at greatest risk, the Resolution Foundation said Wednesday.The analysis found about 2 million people had been unemployed or on furlough for the past six months, a length of time that leaves them at higher risk. A separate British Chambers of Commerce survey found a quarter of the 1,100 businesses polled planning job cuts if government support programs end as planned.

“While the UK’s economic prospects are finally looking up, job insecurity remains high, particularly among those who have spent long periods not working, or who are currently furloughed,” said Nye Committing, senior economist at the Resolution Foundation. Bank of England  is forecasting unemployment will rise from 5% currently to 7.8% by the third quarter, leaving the total number of jobless at 2.7 million. A full national lockdown came into force in January, forcing all restaurants, bars and non-essential shops to shut. About 4.5 million people were on furlough last month, half the level prevailing when restrictions were first imposed in March 2020, the report said.