Since the coronavirus outbreak took hold, 29% of UK companies have laid people off, rising to 39% in construction, figures from the Office for National Statistics (ONS) show.

Just under half (47%) of businesses took less cash in this period, rising to 90% for accommodation and food businesses. Only 40% of firms are confident they will keep operating throughout the crisis, with 16% not being confident. Some 29% of firms have cut working hours, rising to 57% in accommodation and food services businesses.

Meanwhile, the Institute for Employment Studies (IES) has estimated that up to 2m Brits have already lost their jobs thanks to the coronavirus. The IES stated that employment has fallen by 1.5-2.0m during the first month of the crisis and that this loss is on top of people who have been furloughed under the Government’s scheme. If true, that it is double the drop in employment witnessed during the last recession.

According to the IES, unemployment has increased to at least 2.5m in the UK, equal to 7.5% of the workforce.