Job losses to be in the 'tens of thousands'

AI Group Chief Executive Innes Willox says “the pace of” job losses “has picked up this week following the announcements on Friday from government” which corresponded with the rising impact of the coronavirus and a decline in economic activity.

“Right at this moment the economy is contracting,” he told Sky News host Chris Kenny.

Mr Willox said while “those who produce pharmaceuticals and hand sanitising products are obviously doing well,” many industries are under incredible economic pressure due to a lack of foot traffic.

“Streets are much quieter, cafes are much quieter, restaurants are quieter, events have been cancelled,” he said.

Mr Willox said “we won’t see official data on this until early June,” but he anticipated job losses would reach the “tens of thousands”.