{"componentChunkName":"component---src-templates-post-js","path":"/redundancies-hit-record-high/","result":{"data":{"ghostPost":{"id":"Ghost__Post__5fd8850dd6879100397a5467","title":"Redundancies hit record high","slug":"redundancies-hit-record-high","featured":false,"feature_image":"https://multiply.ghost.io/content/images/2020/12/Multiply-minute-10.png","excerpt":"In November, there were 819,000 fewer people on the payroll than at the start of the pandemic.","custom_excerpt":"In November, there were 819,000 fewer people on the payroll than at the start of the pandemic.","created_at_pretty":"15 December, 2020","published_at_pretty":"15 December, 2020","updated_at_pretty":"15 December, 2020","created_at":"2020-12-15T09:42:37.000+00:00","published_at":"2020-12-15T09:46:41.000+00:00","updated_at":"2020-12-15T09:46:41.000+00:00","meta_title":null,"meta_description":null,"og_description":null,"og_image":null,"og_title":null,"twitter_description":null,"twitter_image":null,"twitter_title":null,"authors":[{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null}],"primary_author":{"name":"Annie Mellor","slug":"annie","bio":null,"profile_image":null,"twitter":null,"facebook":null,"website":null},"primary_tag":null,"tags":[{"name":"#feed","slug":"hash-feed","description":null,"feature_image":null,"meta_description":null,"meta_title":null,"visibility":"internal"},{"name":"multiply-minute","slug":"multiply-minute","description":"The 1-minute read to get the money news you need with expert adviser commentary","feature_image":null,"meta_description":null,"meta_title":null,"visibility":"public"}],"plaintext":"The 1-minute read to get the money news you need.\n\nUK loses jobs\nIn November, there were 819,000 fewer people on the payroll\n[https://www.bbc.co.uk/news/business-55313752] than at the start of the\npandemic. Redundancies hit a record high in the 3 months to October, and the\noverall unemployment rate rose to 4.9%. Hospitality is the worst-hit sector, and\nthe industry is likely to suffer even more as new areas, including London, enter\ntier 3 on Wednesday.\n\nAutomation threat\nIn other gloomy news for the jobs market, a report has found that 61%\nfurloughed\njobs are at high risk of automation\n[https://www.theguardian.com/business/2020/dec/15/more-than-half-of-uk-furloughed-jobs-at-risk-of-automation-report]\n. The coronavirus crisis has sped up changes that were already afoot - including\nthe use of technology in workplaces. Workers in struggling sectors like\nhospitality, leisure, and retail face a double whammy as their jobs are at the\nmost risk of being replaced by machines.\n\nTiers at bedtime\nFrom a minute past midnight tonight, 11 million more people will be living under\nthe highest coronavirus restrictions. London, Essex, and parts of Hertfordshire\nwill join tier 3 [https://www.bbc.co.uk/news/uk-55311717] after a rise in cases,\nmeaning pubs and restaurants have to close except for takeaway. The rise could\nbe linked to a new strain of the virus, which seems to be spreading more\nquickly.\n\nFines for social media\nFrom next year, new laws will mean online platforms will have to protect their\nusers\n[https://news.sky.com/story/online-safety-bill-social-media-firms-could-be-fined-up-to-18m-for-not-protecting-users-12161784]\n, or face fines of up to £18 million or even being blocked in the UK. The\nlong-awaited Online Safety Bill means social media firms have a duty of care to\ntheir users, particularly children and vulnerable people, including taking down\nharmful content.","html":"

The 1-minute read to get the money news you need.

UK loses jobs

In November, there were 819,000 fewer people on the payroll than at the start of the pandemic. Redundancies hit a record high in the 3 months to October, and the overall unemployment rate rose to 4.9%. Hospitality is the worst-hit sector, and the industry is likely to suffer even more as new areas, including London, enter tier 3 on Wednesday.

Automation threat

In other gloomy news for the jobs market, a report has found that 61% furloughed jobs are at high risk of automation. The coronavirus crisis has sped up changes that were already afoot - including the use of technology in workplaces. Workers in struggling sectors like hospitality, leisure, and retail face a double whammy as their jobs are at the most risk of being replaced by machines.

Tiers at bedtime

From a minute past midnight tonight, 11 million more people will be living under the highest coronavirus restrictions. London, Essex, and parts of Hertfordshire will join tier 3 after a rise in cases, meaning pubs and restaurants have to close except for takeaway. The rise could be linked to a new strain of the virus, which seems to be spreading more quickly.

Fines for social media

From next year, new laws will mean online platforms will have to protect their users, or face fines of up to £18 million or even being blocked in the UK. The long-awaited Online Safety Bill means social media firms have a duty of care to their users, particularly children and vulnerable people, including taking down harmful content.

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