According to Rishi Sunak in his announcement on furloughed employees today there are about 7.5 million jobs at almost 1m companies in the scheme now. Many of these people are really unemployed now: we have no idea if they will return to work. Many will not, I am sorry to say.
We do not have real-time unemployment data in the UK.
And we have no idea how many of the 5 million unemployed people in the country will be applying for support yet. I will be amazed if it is less than 2 million.
We know that there have been 1.5 million excess universal credit claims.
There were more than a million unemployed when this began.
Add it all up, and allow for UC claimants being a double count ()I am being generous there) and we get to more than 10 million unemployed people in the UK - roughly one in three employees.
That's looking very grim indeed.
No wonder furlough cannot end.
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‘Self-employed’ rather than ‘unemployed’ in para 3?
Probably – too tired tonight after 6 hours of zoom….
This may be of interest concerning the practicality (or non-practicality) of the government’s Coronavirus Business Interruption Loan Scheme:
https://www.craigmurray.org.uk/archives/2020/05/playing-the-blues/
But that scheme is history now…
I think another reason is that redundancy notices have to be 45 days ahead, that would have made 17th May making ,this Sunday also known as Redundancy Day, he has delayed that for now.
Thing is without a serious exit stategy to get out of this coronovirus threat ,this is only delaying the inevitable. Boris & Co need to now step up to the mark and get on with test,trace and isolate so we can actually all go back to work without this social distancing nonsense.
It is delaying the inevitable
Or rewriting unemployment pay for a chosen sample
This is the consequence of lockdown. It ties in with an other thread. Government face a horrible dilemma between protecting lives or releasing people back to work. We are getting a loft conversion done and just started before lockdown. The builders are very keen to start again ASAP. We are have said no until further guidance comes out. In truth they probably cannot start work until a vaccine is found and who knows when that will be. The reality will be different. Indeed the builder is making it clear they have other work to move on to and we will be back of the queue. It is likely that this push to work will gradually gain momentum and will be hard to stop.
I am sure you can see a logic to your comment but I am afraid that I cannot
[…] Third, we know inflation does not occur as a result if we are not at full employment. We currently have 10 million unemployed people. […]