UK redundancies hit record high in Q3

The British public and investors cheered Monday's vaccine news from Pfizer and BioNTech.

But data on Tuesday (November 10) showed some hard months still lie ahead for many Britons.

Employers made a record number of staff redundant in the third quarter and the jobless rate jumped.

The numbers showed the labour market declined rapidly before finance minister Rishi Sunak made a U-turn on extending support for furloughed workers.

A record 314,000 British workers were made redundant in the three months to September.

And the unemployment rate rose to 4.8%, its highest since 2016.

One economist told Reuters that "with the second lockdown set to send the recovery into reverse, the unemployment rate may yet climb to about 9% next year."

The Bank of England expects over 5 million employees to need government support this month, up from just over 2 million in October.

Similar data out of France also revealed the damage being done by a second wave of infections.

Its unemployment rate rose to a two-year high of 9% in the third quarter.

The Bank of France said earlier this week that French economic activity was 12% lower than normal this month, after the country entered another lockdown.