“While the projections outlined in today’s report depict a stark picture for the UK economy, some of its assumptions around the return of furloughed employees to work in the fourth quarter seem optimistic. The cloud of a second wave and further localised lockdowns is likely to keep many businesses in sectors such as hospitality operating at reduced capacity at best, unable to bring back a large share of their workers.
“The end of the transition period between the UK and EU is also likely to see delays in investment this year, with some inevitable friction in trade in the first half of next year pulling down growth. .
“The report emphasises the need to upskill workers who will be losing their jobs, especially those that are less skilled. Government needs to pivot its support from a blank wage subsidy to furloughed workers, to an active programme that will enable workers to be more flexible and ready to access new jobs.”
For media enquiries, please contact:
Gill Carson, Corporate Communications
Mob: +44 (0)7768 635843
KPMG Press Office
Tel: +44 (0) 207 694 8773
Follow us on twitter: @kpmguk
Notes to Editors:
KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, Legal and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.