UK borrowing hits September record; BoE warns of jobless risks – business live | Business

0

The UK’s live music sector is facing the loss of 170,000 jobs – almost two-thirds of its workforce – as the beleaguered industry approaches a “cliff edge” after the winding up of the government’s furlough scheme at the end of the month.

The sector, which has, in effect, been shut down since March, is estimated to be hit by an 80% decline in revenues this year, according to a report.

The research, conducted on behalf of Live, the umbrella group representing the live music industry, estimates that 64% of the sector’s 262,000 workers will be out of a job by Christmas.

The hardest hit will be the 210,000 self-employed and freelance workers who have full-time equivalent roles, with 144,000 expected to lose their jobs. Of the 52,200 permanently employed staff, half are predicted to lose their jobs when the furlough scheme ends.



Source

Leave A Reply

Your email address will not be published.