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An estimated 3 per cent of the workforce was signed off in late December and a fifth of companies reported elevated cancellations amid the surge within the Omicron coronavirus variant.
Newest figures from the Workplace for Nationwide Statistics present that absences associated to Covid-19 hit a 19-month excessive on the finish of final yr, and it continued to weigh on companies within the first week of January when it was close to its peak.
In keeping with the ONS, 21 per cent of corporations suffered an increase in cancellations, with 44 per cent of companies within the hospitality sector affected.
Restaurant reservations dropped final week when the most recent wave of coronavirus instances was close to its peak, in line with OpenTable, the net reserving web site. The variety of seated diners within the week to January 10 fell to 88 per cent of the extent within the equal week in 2020.
The autumn was extra extreme in Manchester, the place reservations declined by greater than the typical for the time of yr, than it was in London, the place there was a lower-than-average drop.
Eleven per cent of companies reported having no money reserves, whereas 7 per cent stated they’d low confidence or no confidence that they might survive the following three months. One other 40 per cent stated they’d a most of three months’ value of money reserves. The determine rose to 54 per cent for eating places, motels and different companies offering meals or lodging. Companies within the sector additionally reported the bottom confidence of survival within the subsequent three months, with nearly a fifth reporting that they’d low or no confidence they may survive.
Martin Beck, of the EY Merchandise Membership, stated that the affect of Omicron can be mirrored in development. “Some customers seem to have in the reduction of on social consumption whereas the numerous variety of infections may have disrupted the flexibility of some corporations to function. So it’s trying extra seemingly that GDP fell in December.
“Nevertheless, a lift to the well being sector in December from an increase in Covid-19 testing and vaccinations, and proof customers shifting spending from social actions to items means the affect on output … is more likely to be a lot smaller than earlier waves.”
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