Open Live Account
BEST TRADING FOR RECIVE REBATE
Login

LONDON (Reuters) – Britain’s services firms haemorrhaged jobs in the three months to August, a survey showed in the latest sign of mounting unemployment as the government’s coronavirus job protection scheme is wound down.

Companies reliant on spending by consumers – many of which only reopened in recent weeks after the lockdown – cut jobs at the fastest pace on record, according to a survey published on Thursday by the Confederation of British Industry.

Business and professional services firms reported the steepest declines since May 2009.

Companies expected job losses to slow slightly in the next three months but the CBI said government action was urgently needed.

“As we head into the autumn, the UK needs a bold plan to protect jobs as the job retention scheme draws to an end, to support the services sector,” CBI economist Ben Jones said.

Finance minister Rishi Sunak has rejected calls to extend his huge Coronavirus Job Retention Scheme beyond Oct. 31. Since the start of this month employers have had to pay a share of its costs.

Britain’s unemployment rate is expected to almost double to 7.5% by the end of 2020, according to the Bank of England, and many economists think it will go higher than that.

The CBI survey showed volumes of business dropped less severely than in the three months to May and companies expected the pace of decline to moderate further in the coming months.

Business and professional services firms were holding up better than companies in consumer services, but Jones said they faced additional uncertainty over Britain’s unresolved future trading relationship with the European Union.

Business and professional services reported a small uptick in sentiment, and confidence fell at a slower pace among consumer services firms after a record plunge in the three months to May.

But the outlook for investment intentions remained bleak. Business and professional firms expected to cut back on vehicles, plant and machinery, land and buildings and training over the next 12 although IT investment was expected to rise.

Source : https://.investing.com/

Legal: This website is operated by TRBHInternational Limited
Trading Rebate Broker is the TRBHInternational Limited , Room 2204,299QRC, 287-299 Queen’s Rond,Central
TRBHInternational Limited was incorporated on 05-JUN-2020 as a Private company limited by shares registered in Hong Kong. It’s company registration number is: 2949329.

Hong Kong Companies Directory – About TRBHInternational Limited’s information may come from different sources and aggregate fill. All information published on our website are for reference only. If you want to update any information on this page, please use your company’s official email account to contact us. When you give us your information, you do not need to spend any cost. Our goal is to help every business growth. This information may have been updated since the last change,please visit the official website of hong kong companies registry to check the latest results.

Risk Warning: Forex and CFD trading involves a significant risk to your invested capital. Please read and ensure you fully understand our Risk Disclosure.