Young workers and the worst paid are the most likely to be affected by the closure of businesses amid the coronavirus lockdown, a study says.
A “remarkable concentration” of workers under 25, women and the worst paid will be hit by the economic effects.
That’s according to the research by the Institute for Fiscal Studies (IFS).
It sparks “serious worries about the effect of this crisis on the young especially and on inequality,” said Xiaowei Xu, an IFS economist.
In mitigation, “in the short run, many will have the cushion of the incomes of parents or other household members,” she said.
The research comes as the UK’s confidence in the economy has fallen to its lowest in 12 years as the COVID-19 crisis drains consumer confidence.
The last time such a decline happened was during the 2008 economic downturn.
Market research firm GfK’s…