Name: UK redundancies hit record high as job market slumps in Q3
Uploaded: 2020-11-11T18:50:11.000Z
Duration: 1 min 13 s
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the British public and investors cheered Monday's vaccine news from Pfizer and Biotech.

But data on Tuesday showed some hard month still lie ahead for many Britons.

Employers made a record number of staff redundant in the third quarter on the jobless rate jumped.

The numbers showed the labor market declined rapidly before Finance Minister Richie Sirnak made a U turn on extending support for furloughed workers.

A record 314,000 British workers were made redundant in the three months to September, and the unemployment rate rose to 4.8% its highest since 2016.

1 economist told Reuters that with the second lock down set to send the recovery into reverse, the unemployment rate may yet timeto about 9% next year.

The Bank of England expects over five million employees to need government support this month, up from just over two million in October.

Similar data out of Frantz also revealed the damage being done by a second wave of infections.

 Its unemployment rate rose to a two year high of 9% in the third quarter. 