Virtually 220,000 individuals in West Yorkshire are furloughed or claiming unemployment advantages based on the most recent information on the area’s financial system printed by the Leeds Metropolis Area Enterprise Partnership (LEP).
As of the tip of December 2020, 112,800 roles had been furloughed, or 11% of eligible jobs, whereas the variety of individuals claiming out of labor advantages had risen 0.7% from November to 106,300.
Collectively, that is equal to 11.5% of the area’s 1.9 million-strong workforce.
Roger Marsh, chairman of the LEP and NP11 group of Northern native enterprise partnerships, mentioned: “With over one in ten individuals within the area’s workforce unemployed or on furlough, the most recent financial information makes for sobering studying.
“However we’re seeing some tentative inexperienced shoots, with rising job vacancies and companies exhibiting resilience in these attempting circumstances – plus sustained curiosity from firms eager to spend money on the area.
“We hope that the roll-out of the vaccine is a shot within the arm for the financial system and lockdown measures can quickly be eased.
“Because the LEP we’re doing all we are able to to assist and assist companies by means of this time.”
The info reveals that 2,000 companies throughout the area went into liquidation in January, a fee 45% greater than January 2020, whereas greater than a 3rd (35%) of companies mentioned that they had lower than three months’ money reserves – an increase from 28% earlier than the second nationwide lockdown was put in place in November.
Nonetheless, the info additionally reveals that the tip of January noticed a 13% rise within the variety of job vacancies posted on-line – the same fee to the remainder of the UK.
Whereas exercise is nonetheless barely beneath pre-pandemic ranges, new job listings are greater than throughout the first lockdown.
Virtually 4,400 new enterprise accounts had been opened within the final quarter of 2020, a fee 6% greater than the identical interval in 2019, with the variety of new enterprise accounts opened in Bradford rising by 23%.
Between the outbreak of the pandemic and the tip of the 2020, the LEP’s Enterprise Help Service helped over 3,500 companies with many receiving grants or one-to-one recommendation from a enterprise skilled.
It has delivered nearly £3.5m in grants to round 1,500 small companies in West Yorkshire, enterprise teaching and mentoring classes, in addition to working with West Yorkshire’s Native Authorities ship over £520m of discretionary grant funding to round 54,000 companies.
To assist people who’ve been furloughed or made redundant throughout the pandemic, the LEP and Mixed Authority are additionally investing £13.5m of funding secured by means of the West Yorkshire devolution deal to reinforce and increase the profitable [re]boot and Employment Hub programmes.
The programmes will assist over 10,000 individuals within the area construct new expertise and entry coaching or discover work over the subsequent two years.