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U.K. Firms Double Planned Redundancies on Ukraine, Study Says

April 10, 2022, 11:01 PM

The number of planned redundancies in the U.K. more than doubled between January and February as interest rate hikes and Russia’s invasion of Ukraine piled pressure onto business, according to an employment law firm.

Companies planned to make 18,043 people redundant in the month, up from 8,869 previously, GQ|Littler said on Monday.

Executives were taking the steps in anticipation of lower consumer spending in the wake of higher energy and tax bills, the law firm said. It also reflects cost cutting drives to cope with spiraling inflation and Bank of England rate increases.

The jump in planned redundancies follows months ...