The FT above reproduces the latest ONS data on UK employment.
As can be seen the rate of redundancies is now exceeding the worst phase of 2008 - the height of the once in a century financial crash.
Worse news is that this is set to continue for at least another quarter. Whilst hopes for a vaccine roll-out in Q1 2021 mean that some shuttered business may decide to hold on and try to arise phoenix like from the ashes then, many more will not have the financial wherewithal to sustain themselves for that long.
Plus the pandemic has created a perfect Schumpeterian syndrome, where changes that were in progress for a decade or more have been smashed into a few months. There will not be much demand for building big offices or hotels in the near future for example in any big cities. Firms that have gone digital have prospered whilst analogue ones have experienced their market and demand simply dry up.
This dislocation always causes long-term unemployment. The pandemic is at least better than 2008 in that we can see much of the world of before will bounce back - air travel will resume - at a lower level and taking time to build, but it is not gone the way of Lehman Brothers and the money on securitised mortgage loans.
The ONS are forecasting unemployment to hit over 5% and possibly over 6% - in some ways, it could be worse. Quite a chunk of this should bounce back next year if we can get on top of the virus. But that does not take away from redundancy and unemployment being such a horrible fate for so many, even short periods can be very stressful and have huge long-term impact on your finances and life.
A really positive thing about the UK is the ability though of the economy, although increasingly modelled on EU stasis lines, to still have enough capitalist traits to ensure rapid job growth (sadly, increasingly of lower paid jobs). France and Spain will have a much tougher time in the medium term trying to get out of the Corona fix.