Britain's largest company is cutting tens of thousands of jobs. And millions more are in danger

Britain’s largest company is cutting tens of thousands of jobs. And millions more are in danger

The latest moves came on Monday from a major oil company BP (BP) A luxury goods maker BerriesWho said he would cut 15% and 25% of their world Man powerRespectively. This translates to 10,000 jobs in BP And 350 in Mulberry.

Major UK companies now have more than 75,000 pipeline jobs, with more expected as partial closings and social exclusion continue in the summer months. Small businesses are also being hit, adding hundreds of thousands of job losses to the total.

British Airways (ICAGY) is being Reduced 12,000 jobs, Or more than a quarter of its workforce, in response to the sharp drop in demand for travel during the epidemic. Competitors EasyJet (ESYJY) And Virgin Atlantic Will concede 4500 And 3,000 jobs, respectively, while the engineering and space company Rolls-Royce (RYCEF) Now cut 9,000 jobs. Parts supplier Megit (MEGGF) It reduces its workforce by about 1,800.
Specialized automakers are also hit hard, with jobs going on in Bentley (1000), McLaren (1200) and Aston Martin (500). HSBC (HBCYF) It announced in February that it would cut 35,000 jobs, but has since suspended most of this recurrence to avoid forcing workers to search for a new job during the epidemic.

British government data has not yet captured the hundreds of thousands of jobs that are likely to be cut in April.

According to official data, the UK unemployment rate remained below 4% in March. But timely indicators that include April give a sense of the looming jobs crisis. Government data showed that the number of employees on corporate payroll fell more than 450,000 between March and April.

Almost certainly the worst is coming.

About 8.7 million workers are repatriated in the UK as part of a program under which the government covers 80% of their salaries. But with gradual support ending from August to the end of the program in October, and as companies face a collapse in demand, companies may struggle to find work for many anonymous employees upon their return.

“Business leaders know that government support cannot be limitless, but the ugly fact is that if there is no money coming in the door, many companies will have to make tough decisions in August,” Jonathan Guildar, the institute’s director-general of managers, He said late last month.

Owners of restaurants and bars say that social estrangement can destroy their industry
In a survey of 700 company directors, nearly a quarter of them said they could not afford any contribution to the salaries of their anonymous workers between August and October, The institute said.
Restaurants, bars and bars It can be particularly damaged. The Telegraph I mentioned on Monday UK Prime Minister Boris Johnson has decided to introduce the reopening of the hospitality sector to late June from early July after being informed that up to 3.5 million jobs in the sector are at risk.

Andrew Weishart, the British economist at Capital Economics, wrote last month that he expects the unemployment rate to rise to 9% in the coming months. “Most of this jump should be reversed quickly once the close is over, but we still expect the unemployment rate to remain high during the next few years,” he said.

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