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Almost 3.7 million job losses since the financial crisis, says report

Since the financial crisis of 2008, 3.7 million employees in the UK have been made redundant, according to a report published today by the Jobs Economist consultancy.

The report shows that almost two-thirds of those losing their jobs were men, though the past two years have also been difficult for women because of public sector spending cuts.

But redundancy rates since 2008 have generally been lower than in the late 1990s and early 2000, according to the report, and they show no sign of rising substantially above pre-recession levels.

Dr John Philpott, director of the Jobs Economist, said: "The observation is that what might be called the UK's normal redundancy rate fell well before the recession.

"This suggests that the lower-than-expected level of redundancies in recent years –which is often partly attributed to more cooperative employment relations and pay restraint triggered by the financial crisis, labour hoarding by employers, or 'zombie' companies kept alive by very low interest rates – is in fact symptomatic of a longer-term structural change in the economic and business climate which has resulted in a lower propensity to make staff redundant."