Two thirds of furlough staff return
ALMOST two thirds of staff who were put on furlough are back at work, indicating that the economy is recovering and that the scheme succeeded in protecting their employment.
One-in-eight employees are still being paid to stay at home, according to the Office for National Statistics, down from almost one in three at the start of May. It means the total number on the Job Retention Scheme has fallen by more than 60pc from its height. The Bank of England believes that about 7m people were furloughed at the peak in May.
However, the increasing rebound means Oxford Economics now estimates that unemployment will rise to 6.5pc by the end of 2020, rather than the 8pc forecast by analysts. Martin Beck, the economist behind the prediction, said reopening the economy with the lift from the VAT cut and Eat Out to Help Out scheme appears to have boosted activity.
ONS road traffic indicators show lorries are now back on the roads in numbers matching February levels and cars are at between 83pc and 102pc of their old volumes.