{"id":72717,"date":"2021-07-28T08:18:40","date_gmt":"2021-07-28T08:18:40","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72717"},"modified":"2021-07-28T08:18:43","modified_gmt":"2021-07-28T08:18:43","slug":"redundancies-could-surge-as-furlough-support-reduces","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/redundancies-could-surge-as-furlough-support-reduces\/","title":{"rendered":"Job losses could surge as furlough support reduces from today"},"content":{"rendered":"\n

Redundancies could rise sharply in the months before the UK\u2019s furlough scheme is fully wound down, a leading economic think tank has warned today.<\/p>\n\n\n\n

The Institute for Fiscal Studies expects there to be a rise in \u201credundancies over the summer even before the final end of the scheme.\u201d<\/p>\n\n\n\n

Bosses will need to pick up 10% of their furloughed workers\u2019 pay in July, rising to 20% in August and September before the scheme is removed entirely.<\/p>\n\n\n\n

The IFS said it will cost businesses \u00a3322 in July to keep an employee earning \u00a320,000 a year on the books.<\/p>\n\n\n\n

In August and September this will rise to \u00a3489.<\/p>\n\n\n\n

Tom Waters, a senior research economist at the IFS, says: \u201cThe furlough scheme does need to be wound down as the economy recovers, rather than attempting to keep every job on life support. But this does mean that some will end up unemployed.\u201d<\/p>\n\n\n\n

To find out more about how we can assist you with your Second Charge Mortgage please click here<\/a><\/em><\/p>\n\n\n\n

Around 450,000 companies who still have furloughed staff will need to start picking up 10% of the bill from today, according to Labour Party statistics.<\/p>\n\n\n\n

This will cost them a combined \u00a3225 million, the party said.<\/p>\n\n\n\n

Over 2m workers still on furlough<\/strong><\/p>\n\n\n\n

According to data published by HMRC today, 2.4m people are still on furlough in the UK, down from a high of 9m in May 2020. However, the figure is dropping rapidly and around one million people were taken off the scheme in May.<\/p>\n\n\n\n

Daniel Tomlinson, Senior Economist at the Resolution Foundation, says: \u201cThe grand reopening of the economy in May has caused over a million people to return to work from furlough. It\u2019s especially encouraging to see so many young people \u2013 who have been hardest by the Covid economic crisis \u2013 finally returning to work.\u201d<\/p>\n\n\n\n

ONS data shows the labour market is recovering as economic activity starts to gather momentum as a result of coronavirus restrictions being lifted. The number of pay rolled employees rose for the sixth consecutive month in May 2021, up by 197,000 to 28.5m.<\/p>\n\n\n\n

Chancellor Rishi Sunak said: \u201cOur Plan for Jobs has supported people\u2019s jobs and livelihoods throughout the pandemic and it\u2019s fantastic to see so many people coming off furlough and into their workplaces with our restaurants, pubs and shops reopened.\u201d<\/p>\n\n\n\n

\u201cThese figures show what we always hoped would happen \u2013 that the scheme is naturally winding down as the economy reopens, but continuing to support those businesses and employees that need our help.\u201d<\/p>\n\n\n\n

By Jack Barnett<\/em><\/p>\n\n\n\n

Source: City AM<\/a><\/p>\n\n\n\n

Discover our Second Charge Mortgage Broker<\/strong><\/a> services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Redundancies could rise sharply in the months before the UK\u2019s furlough scheme is fully wound down, a leading economic think tank has warned today. The Institute for Fiscal Studies expects there to be a rise in \u201credundancies over the summer even before the final end of the scheme.\u201d Bosses will need to pick up 10% […]<\/p>\n","protected":false},"author":1,"featured_media":72323,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1978],"tags":[2099,2164,2073],"yst_prominent_words":[1252,1616,1129,1223,973,615,1547,485],"acf":[],"yoast_head":"\nRedundancies could surge as furlough support reduces from today<\/title>\n<meta name=\"description\" content=\"Redundancies could rise sharply in the months before the UK\u2019s furlough scheme is fully wound down, a leading economic think tank has warned today.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, 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