Will some jobs be lost forever?

CORONAVIRUS AND THE JOB MARKET The coronavirus crisis has dealt a massive blow to the UK labour market. UK jobless claims soared by nearly 70% in April – and the rise in unemployment would have been far greater if it weren’t for the government’s Job Retention Scheme. The Treasury has said that 8m workers are now receiving wage subsidies through the furlough programme, with a further two million receiving income support through the new scheme for the self-employed. There is a concern that once the scheme is lifted, many more will lose their jobs. Recessions can fundamentally reshape labour markets – for instance they have frequently led to a surge in entrepreneurship. What conclusions can we draw from the data thus far? What might the future of work look like post-coronavirus? To discuss this, Emily Carver, Media Manager at the IEA was joined by Professor Len Shackleton, IEA Editorial and Research Fellow. To support the work of the IEA you can donate at https://iea.org.uk/donate-now/