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Jobs Cut Across British Services Firms at Fastest Pace Since May 2009

Jobs Cut Across British Services Firms at Fastest Pace Since May 2009

Posted Thursday, August 27, 2020 by
Arslan Butt • 1 min read

A recent survey published by the Confederation of British Industry (CBI) reveals that job losses in the services sector in Britain kept increasing despite the various stimulus efforts of the government. The number of jobs at companies dependent on consumer spending fell at the fastest pace ever recorded over the past three months until August.

Job cuts at business and professional services companies occurred at the fastest rate seen since May 2009. On a slightly positive note, however, respondents expected the rate of job cuts to slow down a little over the next three months.

Business across Britain have repeatedly called for additional support via stimulus measures, but the government is yet to give in. The job retention scheme of the government which offers partial payment of wages to furloughed workers is scheduled to end on October 31, and finance minister Rishi Sunak is not keen on extending the scheme beyond the current deadline.

The sentiment among business and professional services companies in Britain remains better than among consumer services firms, even as they worry about Brexit-related uncertainties. While business and professional services firms reported a slight rise in sentiment, the confidence among consumer services companies fell at a slower pace than during the three months until May.

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