Job uncertainty as £70bn scheme ends

Thursday, September 30, 2021

The £70 billion scheme comes to an ends today  after delivering assistance to millions of British workers over the past 18 months.

The future of nearly a million workers still in work remains uncertain, with a figure estimated at around £2million the Office for National Statistics (ONS) predicts at the end of September.

Economists warned that while many people could get jobs in recovering sectors like hospitality and travel, unemployment, due to the new layoffs, is also expected to increase.

Bloomberg reported that the chancellor, Rishi Sunak, will announce a new program to help poorer households tackle the cost of living through the winter.

Alan Custis, head of UK equities at Lazard Asset Management, said the jobless rate, which fell last month to 4.6 per cent, is likely to increase further.

Mr Custis pointed out that there were increased levels of unemployment in other countries, such as the United States and Australia, when similar financial assistance for workers ceased to exist.