As the repercussions of the coronavirus pandemic become evident, the future for small and medium enterprises seems to be notably grim. According to research, more than one out of every ten persons aged 16 to 25 have lost their livelihood, and just under six out of ten have seen their incomes decline since the coronavirus pandemic started. The research reveals that youngsters are twice as probable as older workers to have lost their jobs, and that earnings and employment decreases are more apparent for women, self-employed individuals, and those who grew up in a low-income household.
Speaking of unemployment, many businesses are negatively affected by the crisis we are facing since the year 2020. But, what are those businesses and in what sector are they operating? Which businesses have suffered the most? If you are planning to venture into these industries this year, you might want to give it another thought before taking the risk. Or if you are seeking employment, it is vital to know which job you should look for.
In 2020, all restaurants, clubs, and pubs were shuttered, and all music festivals and physical conventions were canceled.These limitations is still in place until the second half of 2021.Employees in the hotel, recreation, and artistic industries have been retrenched the most and also in transportation and commerce, where physical distancing and the transition to online sales during the crisis resulted in the loss of thousands of jobs. As the second wave of Covid-19 and stricter lockdown measures put growing strain on employers and government, the number of individuals laid off in the United Kingdom is surging at the quickest rate on record.
The crisis has sent Britain’s economy into its worst slump in more than 300 years. Fewer firms are recruiting for new employees as a result of repeated lockdowns, a lack of certainty about the economy, and continuing Covid19 restrictions.