UK Job Market Sees Record Growth in 2020

The UK job market has seen record growth in 2020, despite the economic uncertainty caused by the coronavirus pandemic. According to the Office for National Statistics (ONS), the number of people in employment rose by 4.7% in the three months to August 2020, the highest rate of growth since records began in 1971.

The ONS figures show that the number of people in employment rose by 1.7 million in the three months to August 2020, with the number of people in full-time employment increasing by 1.3 million. The number of people in part-time employment also increased by 437,000.

The growth in employment was driven by the government’s furlough scheme, which has supported 9.6 million jobs since it was introduced in March 2020. The scheme has allowed employers to retain staff on reduced hours or pay, while the government has covered 80% of their wages.

The ONS figures also show that the number of people claiming unemployment benefits fell by 4.2% in the three months to August 2020, the largest fall since records began in 1971. This suggests that the furlough scheme has been successful in preventing a surge in unemployment.

However, the ONS figures also show that the number of people in self-employment fell by 4.2% in the three months to August 2020, the largest fall since records began in 1971. This suggests that the furlough scheme has not been as successful in supporting the self-employed.

Overall, the UK job market has seen record growth in 2020, despite the economic uncertainty caused by the coronavirus pandemic. The government’s furlough scheme has been successful in preventing a surge in unemployment, but it has not been as successful in supporting the self-employed.