Redundancy warning for London residents

New data reveals the regions most likely to experience redundancy in Great Britain in 2024.

The study, conducted by personal financial experts Wealth of Geeks, examined the number of potential redundancies from HR1 forms, also known as Redundancy Notification forms, according to data from the Office for National Statistics between January and October 2023. The total number of possible redundancies was then considered per 100,000 people to determine the Great British regions with heightened vulnerability to redundancies.

London employees are the most likely to be made redundant in 2024. The region experienced 52,173 potential redundancies between January and October 2023, equating to 593 per 100,000 people in London. February 2023 takes the top spot with 12,706 HR1 forms, 143.53% above the local average.

Employees in Yorkshire and The Humber are the second most at risk. In the region, there were 25,227 potential redundancies from January to October 2023, totalling 460 per 100,000 people. January 2023 was the most at-risk month, with 5,402 HR1 forms, 114.13% higher than the regional average in 2023.

The East Midlands ranks third, with 343 possible redundancies per 100,000 people. There were 16,718 total HR1 forms between January and October 2023; June 2023 had the highest number of redundancies at 3,207, 72.64% higher than the regional average in the East Midlands.

The East of England is the fourth region with an increased risk of redundancy in 2024. In the region, there were 20,381 HR1 forms submitted from January to October 2023, 321 per 100,000 people. 4,439 potential redundancies occurred in February 2023, 117.80% above the regional average.

In fifth place is the West Midlands. The region experienced 17,891 potential redundancies from January to October 2023, totalling 300 per 100,000 employees. February 2023 was the worst month, with 2,315 HR1 forms submitted, which was 29.39% higher than the regional average in 2023.

Workers in Scotland are sixth most at risk of being made redundant in 2024. There were 15,957 potential redundancies in the region based on the number of HR1 forms submitted between January and October 2023, averaging 291 per 100,000 people. March 2023 had the most redundancy notifications at 3,795, 137.82% above the regional average in Scotland.

Michael Dinich at Wealth of Geeks commented on the study: “In 2023, around 1.4 million people were unemployed in the U.K. 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 examines the likelihood of potential redundancies per Great British region. This is based on the number of HR1 forms submitted according to the Office for National Statistics. London is the most likely to experience redundancy in 2024, followed by Yorkshire and Humber, the East Midlands and the East of England.

“Moreover, the study also revealed the month people are most likely to be made redundant. February is on top in London, the East of England and the West Midlands, taking the majority. It will be interesting to see if this pattern will continue in 2024.”