Boris Johnson has been warned by cabinet ministers to brace himself for unemployment to hit 4.5 million, the highest number since records began, as a poll finds one in three firms is poised to make staff redundant due to the coronavirus.
A survey by the Chartered Management Institute (CMI) reveals that 34% of managers are set to lay off staff, with 26% expecting to do so this year.
The findings come before figures this week that are expected to show the worst rise in unemployment since the 1920s.
When the most recent statistics were published last month, 1.3 million people were out of work. Ministers believe this is likely to rise to about two million when new figures are released on Tuesday.
Senior sources say