According to the study, the announcement of redundancies is now twice as high as during the recession after the financial crisis of 2008 and 2009. In the period from July to September alone, 450,000 people could be released, according to the study. That would be 50 percent more than the quarterly high since the global financial crisis.
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However, according to the IES, a high redundancy rate does not necessarily equate to high unemployment. The study’s authors therefore call on the government to reduce labor costs to promote employment. They also demand that politicians focus on those types of industries and sectors that are vital in the long run and contribute to the wages of their employees.
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The British economy contracted a record 20.4 percent in the second quarter compared to the previous three months. Year-on-year, the economy fell by 21.7 percent. For comparison, the decline in the Czech economy was only about half in the second quarter – it fell by 11 percent year on year and by 8.7 percent quarter on quarter.
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