According to the Office of National Statistics (ONS) in the 3 months to September 2020 redundancies increased rapidly by 314,000. Whilst the UK unemployment rate rose to 4.8% up from 4.5% in August.
As firms laid off workers in anticipation of the furlough scheme ending which originally was due to finish at the end of October, redundancies rose by a record high of 181,000 in that month alone.
October 2020 saw 33,000 fewer people in pay rolled employment compared to September 2020 and 782,000 fewer pay rolled people in employment compared with March 2020.
July to September 2020 estimated figures saw 32.51 million people aged 16 and over in employment, which is a few more than last year of 247,000 and 164,000 fewer than the previous quarter.
The ONS figures also saw a large fall by 174,000 in employment of people aged 16-24, which is a record low of 3.5 million.
Natwest and the Centre for Social Justice research revealed coronavirus restrictions and lockdown rules have hit young people the worst.
The ONS reports also saw self-employment fell by 174,000 to 4.53 million and in Q3 2020 compared to Q2 a record 99,000 fall for women.
In Q3 2777,000 people switched to employment from self-employment.
There may be 'light at the end of the tunnel' with a potential coronavirus vaccine available in December or early January. This will give some hope to employers and business encourage them to retain staff just a little longer as the new furlough scheme offers a cushion until the end of March 2021.