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Business Research and Analytics : Impact on the UK Labour Market

Added on - 25 Jan 2022

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Business Research and Analytics
Words count – 1473
Report title-COVID-19 and UK Labour Market
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Table of Contents
Executive Summary.......................................................................................................................iii
1.Introduction..................................................................................................................................1
1.1 Background of the Study.......................................................................................................1
1.2 Aim and Objectives of the Study...........................................................................................1
2. Methodology................................................................................................................................2
3. Research Analysis........................................................................................................................3
Coronavirus: Impact on the UK Labour Market..........................................................................3
Crisis on the National Economy and Labour Market..................................................................3
Measuring the UK Labour Market..............................................................................................4
4. Conclusion...................................................................................................................................6
References........................................................................................................................................7
List of Figures
Figure 1: Coronavirus Impact on the UKemployees (source: Powell and Francis-Devine, 2021)3
Figure2:Comparisonofjobrecoveriesfollowingpreviouscrises(source:Cambridge
Econometrics, 2021)........................................................................................................................4
Figure 3: A Quarterly Increment ofEmployment Rates while Decreasing Unemployment and
Economic Inactivity (source: Office for National Statistics, 2021)................................................5
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Executive Summary
The global COVID-19 pandemic and the lockdown laws enacted to counter it have substantially
influenced the labour market. Understanding these impacts necessitates obtaining and analysing
data near-real-time, significantly when regulations change often and implementing regional
lockdowns. This research examines the UK employment market by evaluating data from the
House of Commons Library, Cambridge Econometrics and the Office of National Statistics
(ONS), breaking it down by industry and location topic analysis and geo-inference techniques
being used. I also look at how salaries, contract types, and work modes have altered after the
COVID-19 crisis struck the UK in March. Vacancies dropped between 60 to 70% in the first few
weeks of the lockdown. Even though numbers had increased by the end of the year, overall
employment ad shortfall was projected greater than 40%. Although better domestic job and
nursing positions persisted even throughout the lockdown, tourism and postgraduate employment
possibilities have reduced substantially. Though there is some indication that local lockdowns
impede recovery and that less severely hit places may have had a minor reduction in vacancies,
differences in geography are far less significant than differences in the industry. In a modest but
significant way, the income distribution and completed temporary and permanent employment
have also altered. In addition to the research, this paper provides an open approach for
conducting a quick and thorough employment market survey in uncertain times.
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1.Introduction
1.1 Background of the Study
The COVID-19 problem has been portrayed as a double pandemic, posing a serious worldwide
threat to nations' health and prosperity. The Covid-19 problem has had a significant influence on
the UK's economy and labour markets. During their peak in April 2020, 31% of prospective
workers were furloughed (Arthur, 2021). By January 2021, unemployment had risen to 5%, the
highest possible level since 2016, although it was still nowhere near as bad as it might have
become if the government hadn't intervened. The most likely to lose their employment and
become economically inactive are youthful personnel and workers aged 65 and up. Those
between the ages of 25 and 64, but on the other side, have witnessed the most significant rises in
unemployment. According to a recent Cambridge Econometricsestimate,the UK's GVA
(economic production) dropped by an astounding 9.4% (£164 billion) in actual figures in 2020.
Whereas crisis has affected the entire economy, the extent of the damage and the possibility for
recovery differs by industry. Furloughs hit 68 per cent of employment in accommodation and
food, 64 per cent in arts and entertainment, and 52 per cent in shopping, according to early
furlough data again for lockdown that began in January 2021. (Coibion, Gorodnichenko and
Weber, 2020).
On the other hand, other industries have relied less on layoffs, and some have even increased
their staff. Over the next decade, health and governance will add 374,000 positions to help
coordinate and monitor the pandemic response. Real estate, internet retail trade, IT services, and
banking are among the industries that have developed as a consequence of increased demand.
1.2 Aim and Objectives of the Study
The goal of the study is to show how COVID-19 affects the labour market in the United
Kingdom. The primary objective of this report is to find out the situation of the UK labour
market during worldwide pandemic restrictions. There have other secondary purposes to be
followed.
-Analysing the recent trend of UK labour market for the UK employees.
-Assessing and Recommending based on the supplied labour market study in the United
Kingdom.
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