Rishi Sunak is facing a request to keep the UK running as the scale of the bloodbath already underway for jobs is becoming known today.
According to an analysis by the Daily Mail, almost 200,000 workers in well-known companies have been laid off since the blockade began.
The Chancellor was informed last night that his Wednesday focus must be on "jobs, jobs, jobs" in his mini-budget.
Senior figures warned that job losses will so far only be the “tip of the iceberg” unless dramatic measures are taken. Large layoffs have hit sectors like retail, travel, hospitality, and manufacturing, all of which have been shaken by the coronavirus pandemic.
In the past week alone, companies such as Harrods, John Lewis, Cafe Rouge and top shop owner Arcadia have led the ax and left more than 14,000 employees out of work. However, data collected by the Daily Mail shows that 59 well-known companies have cut more than 195,000 roles since the blockade began in March.
Some of the largest were at Heathrow Airport, where 25,000 employees were made redundant, British Airways [12,000 employees] and Rolls-Royce [9,000 jobs].
The Chancellor was informed last night that his Wednesday focus must be on "jobs, jobs, jobs" in his mini-budget
Thousands of smaller companies have also cut staff. According to official information, a total of 2.8 million people now seek jobseeker's benefit or universal credit when looking for work.
Last night, Lucy Powell, Labor spokeswoman for Labor, said: & # 39; These job losses are devastating for those involved and the economy. We fear that they are just the tip of the iceberg. Hospitality and high streets have been hit by this crisis and many companies are struggling to survive. We need a back-to-work budget with a laser-like focus on jobs, jobs, jobs. & # 39;
Labor calls for a £ 1.7bn hospitality and street fight fund to help protect jobs.
Former Conservative Chancellor Lord Lamont has called for employers to be given leave to pay national insurance payments, warning that jobs for Mr. Sunak must be "a top priority".
The Tory-Grandee, who held office during the Black Wednesday 1992 crisis, said: "He acted bravely and quickly, but the hard part is yet to come."
Lord Lamont, speaking on the Blue Collar Conversations podcast, said: “I might be on vacation for the National Insurance Scheme for a period of time. If you cut the cost of hiring people, it's the best way to get jobs. Companies go out of business through no fault of their own. & # 39;
In the meantime, a group of former business advisors from five Tory prime ministers or chancellors suggested that while the focus should be on "jobs jobs jobs", debt should also decrease by 2024.
Since the blockade began, almost 200,000 workers have been laid off in well-known companies
In the past week alone, companies such as Harrods, John Lewis, Cafe Rouge and Topshop owner Arcadia have led the ax
They set up a UK coronavirus recovery plan that included a national debt restructuring agency and an unprecedented set of skills and jobs.
The report, written by Mats Persson, Adam Memon, Raoul Ruparel, Tim Pitt, Will Tanner and Neil O & # 39; Brien for the Onward think tank, also calls for £ 30bn to be invested in companies in trouble.
The pace of cuts is accelerating as the government's vacation program, used by 1.1 million employers to protect 9.3 million workers, comes to an end.
Companies have already used the system to pay £ 25.5 billion of their employees' wages. Thousands who were laid off were originally on leave, leading to fears that millions of additional workers on leave will never return to work as Mr. Sunak gradually withdraws wage benefits.
Today's survey shows that 44 percent of the companies participating in the vacation program believe that at least part of their employees will have to be fired when it ends.
Opinium's survey of 500 companies on behalf of the Bright Blue think tank found that 65 percent of medium-sized companies with 50 to 249 employees expect layoffs.
A group of 120 hospitality industry leaders have written to Boris Johnson calling for a temporary cut in VAT from 20 to 5 percent to encourage consumers to spend.
The group, which is coordinated by the UK Hospitality industry association, also wants the government to defer tax payments for businesses such as hotels and restaurants in July, distribute targeted grants, and extend vacation rates for businesses.
The Department of Household Responsibility, the government's watchdog, predicted in April that around 3.4 million people, or one in ten of working age, would be unemployed by the end of June.