British factories planning more job cuts, says survey
LONDON (UK) – An industry survey on Friday said factories in the UK are vigorously planning to slash its work force. This is a warning for the economy which is trying to recover from the impact of the coronavirus pandemic.
As much as 46% of manufacturers expect to make job cuts over the next six months, registering a sharp rise of 25% from May, said Make UK, which is urging the government to implement steps to support jobs.
Stephen Phipson, chief executive of Make UK, said: “Conditions are still very tough for many companies with disruption likely to continue for some time.”
“This has led some to reluctantly conclude that with demand unlikely to return for some time, if at all, they are moving to the painful choice of redundancy.”
According to Make UK, finance minister Rishi Sunak should slash business rate taxes for manufacturers. This demand was echoed by 61% of firms surveyed. Sunak has already announced emergency measures worth around 133 billion pounds to protect jobs.
On July 8, the finance minister is expected to come out with an update of his plans to bolster the economy.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field