Data obtained from the Insolvency Service shows that despite the Government’s furlough scheme, British employers made plans to cut 795,000 jobs last year, a record number. More than 10,000 firms planned job cuts, however the pace of planned cuts slowed at the end of the year. Last month employers notified Government of plans to cut 23,100 job cuts, which is the lowest monthly figure for 2020, though still a third higher than December 2019. Employers must notify the Insolvency Service when they plan to cut 20 or more jobs. The number of job cuts proposed through the year was well above the 530,000 seen the last time the UK was in recession, in 2010, and higher than any year in the records which go back to 2006.
Read more: BBC News
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