The jobs crisis is understood to be twice as bad as during the last recession in 2009, according to new figures.
The Institute for Employment Studies (IES) has found that employers in the UK planned 380,000 redundancies between May and July this year, compared with 180,000 between January and March 2009.
However, planned redundancies recorded by the Insolvency Service do not show those making fewer than 20 redundancies, so the actual figure is likely to be much higher.
It is thought the number could rise as high as 735,000 by the autumn as the government’s furlough scheme comes to an end, with no sign of Chancellor Rishi Sunak extending it.
“Comparing what is happening now with what was happening in the last recession shows us we are experiencing a jobs crisis unlike anything we have seen before,” said Tony Wilson, Director of the IES.
The IES is calling on the government to provide greater support for organisations to retain staff, and for people who’ve lost their jobs to receive further training.
A government spokesperson said: “Supporting jobs is an absolute priority which is why we’ve set out a comprehensive ‘Plan for Jobs’ to protect, create and support jobs across the UK by providing significant, targeted support where it is needed the most.”