Coronavirus is a public health crisis, but it is also having a profound impact on our economy. In this report, we explore the early evidence of the impact on our labour market.
Despite unprecedented measures by government to protect businesses and jobs, the coronavirus crisis is set to lead to the sharpest spike in unemployment on record. There were one million claims for Universal Credit in the last two weeks of March, and the gains of five years of employment growth appear to have been reversed in just one month.