Should the Government Bail on Their Schemes in October or Hold Out Longer?

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The current unemployment rate in the UK is still increasing, with more people falling out of work every day. The numbers are pushing forward and almost touching three million, with it seeming likely to cross that benchmark by the end of 2020. The Bank of England warned that unemployment in the UK would spike at three million by the end of the year, as firms cut jobs due to the shock of Covid-19. In its latest forecasts, they predicted the jobless rate would almost double to 7.5% and only start falling slowly in 2021. They also predict a ‘material’ jump in unemployment, expecting to lose more than one million jobs in the second half of this year.

The unemployment rate does not change at all, staying at a constant 3.9% since the start of the pandemic. They calculated a large number of people losing their jobs after the Government cancelling schemes.

KPMG has asked the UK government to intervene further and delay on calling off the schemes. Simply put, it called on the Government to stem the rise in unemployment and facilitate the move to new employment. There are a lot of changes seen in the employment markets. A large number of businesses cannot move to remote working and sectors most at threat are tourism, hospitality, construction, and leisure who are likely to see permanent structural changes. KPMG predicts between 200,000 to 1.1 million low and mid-skilled workers will lose their jobs through this pandemic, maybe even more. They see this as both a challenge and an opportunity for the Government, who should focus on creating training and skills programmes to help workers transition to higher-skilled jobs.

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With so many people losing their jobs and the numbers applying for unemployment benefits from the Government rising as well, there will be a steady climb in the upcoming months as Britain grapples with the deepest recession in more than three centuries. The Treasury has also warned about the gradual winding down of its emergency support from August that could trigger a fresh wave of job losses. These numbers and details forced people to change the way that they worked. It forced them to pay attention to Government warnings, wear masks, and work remotely as much as possible. These changes meant more companies were adapting to working from home with office buildings, not seeing a large chunk of their employees.

Employers started making changes to the ways that they dealt with their staff and began conducting background checks on them. They went through the DBS check to understand if they would be alright when it came to working with specific teams. Certain people were not allowed to work with children or older adults, if they did not have good experiences when dealing with them when they were younger, on their record. If they do not need this level of information, they can go through the usual CRB check, which would tell them if the person has a criminal record.

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