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Bite the Bullet or Extend & Pretend? Unemployment in Europe - Summary of 45 Million Furloughed in Uk Ger Fra It Spain


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Bite the Bullet or Extend & Pretend? Unemployment in Europe
Summary of 45 Million Furloughed in Uk Ger Fra It Spain
 
 
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Unemployment in the EU has barely budged since the virus crisis began. In the first four months of the crisis, the official unemployment rate edged up from 6.5% in March, when many lockdowns began, to 7.1% in June

There’s one reason: Furloughed workers are not included in the unemployment stats (all charts via Trading Economics?

Perhaps we need a third measure of furloughed to be included in unemployment stats? 

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As Spain’s Work Minister Yolanda Díaz told the Financial Times: “It would not make sense to undertake this gigantic, unprecedented effort in the Spanish economy [to preserve jobs] and then just let things fall away.”

Once Spain’s job retention program ends, workers will have to return to their jobs, at least for the same length of time that they were furloughed. But many revenue-starved companies are not yet ready to bring back workers and recommence paying their salaries for months on end. Most would collapse straight into bankruptcy, which would be a nightmare for a country whose unemployment rate is already 15.6% ..

 

 

 
 
Edited by Saving For a Space Ship
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Here 40% of work force is in furlough.  25% of the local economy is dependent on tourism, and despite the hype, the restaurants that are open aren't that busy, and footfall in the town is down around 35%.

Some campsites are not opening at all this Summer.

Many tourist businesses are going to have three winters in a row.

But houseprices are buoyant, near neighbours house sold in 3 days, to a buyer (BTL?) who turned up in a new Porsche Macon, to buy a 75 m2 house.

Start of 2021 is looking very bleak

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25 minutes ago, skinnylattej said:

Here 40% of work force is in furlough.  25% of the local economy is dependent on tourism, and despite the hype, the restaurants that are open aren't that busy, and footfall in the town is down around 35%.

Some campsites are not opening at all this Summer.

Many tourist businesses are going to have three winters in a row.

But houseprices are buoyant, near neighbours house sold in 3 days, to a buyer (BTL?) who turned up in a new Porsche Macon, to buy a 75 m2 house.

Start of 2021 is looking very bleak

Where is here?

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Posted (edited)

Two-thirds of UK’s furloughed workers continued job in Covid-19 lockdown

https://www.theguardian.com/uk-news/2020/aug/09/two-thirds-of-uks-furloughed-workers-continued-job-in-covid-19-lockdown 

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Nearly nine out of ten (87%) men and eight out of ten women (77%) who received a salary top up continued to work for their employer while on furlough, even though the government explicitly forbids this practice. ..

 

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Rauh thinks the government should not have tried to prevent furloughed workers from working in the first place. “It’s better for everyone that people have ignored this rule. If people are working, they might be producing something which is creating some kind of value, and they are not losing their job skills.

Isn't this excusing industrial scale fraud on the tax payer ? 

Will the Gov or police take action, Unlikely given their record on fraud prosecutions imo

Edited by Saving For a Space Ship
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1 hour ago, Saving For a Space Ship said:

Two-thirds of UK’s furloughed workers continued job in Covid-19 lockdown

https://www.theguardian.com/uk-news/2020/aug/09/two-thirds-of-uks-furloughed-workers-continued-job-in-covid-19-lockdown 

 

Isn't this excusing industrial scale fraud on the tax payer ? 

Will the Gov or police take action, Unlikely given their record on fraud prosecutions imo

I'm not surprised about this at all. A normally very ethical leisure company I work for didn't take managers off furlough until the day before opening but they'd probably been doing a couple of hours a week all the way through and had likely been working full time for the couple of weeks before opening. If they've been doing it then everyone has.

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2 hours ago, Saving For a Space Ship said:

Two-thirds of UK’s furloughed workers continued job in Covid-19 lockdown

https://www.theguardian.com/uk-news/2020/aug/09/two-thirds-of-uks-furloughed-workers-continued-job-in-covid-19-lockdown 

 

Isn't this excusing industrial scale fraud on the tax payer ? 

Will the Gov or police take action, Unlikely given their record on fraud prosecutions imo

Some bosses are being prosecuted. As employees leave companies they will report their ex employer.

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At the start of this COVID lockdown, WW2 analogies were all the vogue to inspire the nation to stay safe. Continuing with that I would say that we are still fighting the phony war of 1939.

May 1940 with the resignation of Chamberlain, the fall of France and Dunkirk are heading our way!

This phony war period will gradually end with the wind up of the furlough scheme and the onset of Winter. Perhaps a second wave will add to the misery.

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Onlooker,

Here is Cornwall. 

Holiday homes are chockers, Waitrose delivery system is flat out.

Some high end hotels only 2/3 full.

Eden Project making almost half the workforce redundant.

Imerys (sizeable employer in central Cornwall) is considering permanent reductions in capacity.

Doesn't look good.

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  • 415 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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