London employees face greatest risk of redundancy in 2024, new data reveals

Londoners face the greatest chance of redundancy in 2024, according to a new study.

According to a study conducted by personal financial experts Wealth of Greeks, London was followed by Yorkshire and The Humber and the East Midlands. 

Employees in the South West, North West and South East are least likely to face an elevated rate of redundancy. 

Michael Dinich of Wealth of Geeks said: “In 2023, around 1.4 million people were unemployed in the UK.

“One of the reasons for unemployment today may be redundancy, as employers continue to reduce expenses due to the ongoing cost of living crisis.”

The study was conducted by comparing HR1 forms from January to October 2023, examining the potential for redundancies. 

Data credit –

HR1 forms, or Redundancy Notification forms, were used to ascertain the total of potential redundancies per 100,000 people. 

In London, the capital experienced 52,173 potential redundancies between January and October 2023, which is about 593 per 100,000 people in London. 

February 2023 saw the highest number of potential redundancies, as 12,706 HR1 forms were filed.

That was over 140% above the average for London.

However, June 2023 turned out to be the month with the highest number of redundancies at 3,207, 72.64% more than the regional average.

20,381 HR1 forms were submitted there from January to October 2023, which is about 321 per 100,000 people.

Featured image by Marten Bjork on Unsplash

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