Middle classes to bear brunt of job cuts in shrinking economy

Industry News | 27/10/20

Middle-class and older workers face long spells out of work and pay cuts of more than 25 per cent as companies axe staff, experts have predicted.

Commuter towns such as Brighton, Luton and Slough as well as manufacturing hubs such as Wolverhampton have already seen sharp rises in numbers on the dole since March, the Centre for Economics and Business Research (CEBR) has calculated.

More job losses are coming as the furlough scheme ends on Saturday and companies cut costs in the recession, with management and high-cost professionals most at risk in the next round of redundancies, the centre said.

Source: The Times