Unemployment could increase sharply this year, economists have warned, after an influential report showed more firms were looking to fire staff than at any point for last 11 years. Economists are worried that many people could lose their jobs this year. The report from the Bank of England showed that "employment intentions" among UK businesses are at their lowest level since at least 1997, when the Bank first started its monthly business conditions survey. This means that the majority of firms are now intending to reduce their workforces over the next six months rather than take on fresh staff. They are already cutting down on employee work hours and turning to temporary staff as they start to feel the pinch, the report warned.
The Telegraph