Britain, a country of 67 million people, has lost 819,000 jobs since the CCP virus pandemic hit the country in the spring, official statistics show.
The number of redundancies has reached a record high, and the number of vacancies has fallen dramatically.
In the three months to October 2020, redundancies rose from 217,000 to 370,000, setting a new historic record.
The UK had an estimated 547,000 vacancies from September to November 2020, 251,000 fewer than a year ago.
In March, the government ordered a national lockdown, forcing people to stay indoors, closing schools and colleges, and shutting all “non-essential” shops.
To avoid mass unemployment as a result of the lockdown, the government launched a Coronavirus Job Retention Scheme, paying 80 percent of the wages of millions of furloughed workers.
Despite the government support, many businesses, especially in the hospitality and retail sectors, have found it hard to survive.
The extra funding required to support government support schemes, combined with reduced tax revenues and a fall in gross domestic product (GDP), have all helped push Britain’s public sector net debt to a new high.
Economists think Britain will borrow about £400 billion (over $531 billion) this year, approaching 20 percent of GDP, the most since World War II.
“We know that three quarters of a million people have tragically already lost their jobs, with forecasts of more to come. Borrowing is at record peacetime levels already,” he told the BBC. “It is not just numbers on a chart, it is people’s lives and livelihoods, it’s their security being impacted. And it is something that we are going to grapple with for a while to come, sadly.”