Latest figures released from the Office for National Statistics (ONS) suggest that the jobs market has plateaued in recent months after a period of increase.
Unemployment rate averaged 4.9% over the three months to February, compared to 5% the previous months, with the rate of redundancies also falling.
The ONS also said that there were promising glimpses of recovery as the number of vacancies increased by 16% month on month in March.
These figures reflect that business confidence over the latest national lockdown has remained stable, partly due to the longer-term business support strategy, which was released by the government at the Budget Statement, and included the extension of the furlough scheme.
Unemployment however still remains on course to peak towards the end of 2021 as the furlough scheme ends. The government’s stance has always been that they cannot save every job, however, dependent upon conditions some businesses may fall through the support net and will still be feeling the economic effect of the last 12 months.
It is a difficult balance for the government to manage however support schemes such as the Kickstart Scheme and further investment in apprenticeships will be the way forward and similar programmes to support businesses in recruiting, retaining and importantly retraining would be a way to soften the blow and save a number of livelihoods.
For support and guidance for your business please visit our Coronavirus Business Support Hub here hwchamber.co.uk/support/advice/coronavirus-information.