8/25/2020, 2:26 PM (Source: TeleTrader)
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UK retailers slashing most jobs since 2009 - survey

Retailers across the United Kingdom are slashing jobs at the fastest rate since 2009, a monthly trade survey performed by the Confederation of British Industry (CBI) showed on Tuesday. According to the report, more than half of British retailers are expecting to further reduce the number of staff in the next trimester due to the coronavirus pandemic.

"The furlough scheme has proved effective at insulating workers and businesses in some of the worst-hit sectors during the pandemic, but these findings reinforce fears that many job losses have been delayed rather than avoided," CBI's lead economist Alpesh Paleja stated, adding that "further support may well be needed for the retail sector if demand continues to disappoint."

Meanwhile, United Kingdom Business Secretary Alok Sharma insists the government won't extend relief support, but instead focus on safely reopening the country's economy.

Breaking the News / ND