South West workers least likely to be made redundant in 2024, research finds

By Nick Batten on 24 January, 2024

New data released by personal financial experts Wealth of Geeks has reported that the South West will be the safest region in Britain from redundancies in 2024.

The study 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 British regions with reduced vulnerability to redundancies.    

According to the research, South West employees are the least likely to be made redundant in 2024. The region experienced 11,941 redundancies between January and October 2023, equating to 209 per 100,000 people. September 2023 was the most low-risk month, with 590 HR1 forms submitted, 50.59% below the regional average.  

The North West takes the silver medal. In the region, there were 16,006 potential redundancies from January to October 2023, totalling at 216 per 100,000 people. June 2023 was the best month during this timeframe, with 1,352 redundancy notifications, 15.46% less than the regional average.  

The South East ranks third, with 223 potential redundancies per 100,000 people. There were 20,741 HR1 forms submitted between January and October 2023; September 2023 had the lowest number of redundancies at 1,306, 37.03% less than the regional average.  

Wales is the fourth region with a low risk of redundancy in 2024. In the region, there were 7,516 HR1 forms submitted from January to October 2023, 242 per 100,000 people. 412 potential redundancies occurred in October, 50.66% less than the regional average. 

The North East is the fifth U.K. region least at risk of being made redundant in 2024. There were 6,528 potential redundancies in the region based on the number of HR1 forms submitted between January and October 2023, averaging 247 per 100,000 people. September 2023 had the least redundancy notifications at 250, 61.70% below the regional average.  

Michael Dinich at Wealth of Geeks said, “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 job security per Great British region based on the number of HR1 forms submitted according to the Office for National Statistics. As such, the South West is the least likely to experience redundancy in 2024, followed by the North West and the South East.  

“Moreover, the study also revealed the month people are least likely to be made redundant. September is on top in the South West, the South East and the North East, taking the majority. It will be interesting to see if this pattern will continue in 2024.”   

For more information, visit: wealthofgeeks.com

For the full research visit: https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/datasets/hr1potentialredundancies

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