New data reveals the regions least at risk of redundancy in Great Britain in 2024. The region least likely to experience an elevated rate of redundancy is the South West – followed by the North West and the South East.
This research, conducted by personal financial experts Wealth of Geeks examined the number of potential redundancies by region, based on HR1 forms (also known as redundancy forms from ONS) from January to October 2023. The data revealed the number of possible redundancies per 100,000 people to determine the Great British regions with reduced vulnerability to redundancies.
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. However, London had 52,173 redundancies in the same period and 593 HR1 forms submitted per 100,000 people – making it the most likely place to be made redundant.
The North West takes the runner-up medal with 16,006 potential redundancies from January to October 2023, totalling 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 West is the least likely to experience redundancy in 2024
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, with 7,516 HR1 forms submitted from January to October 2023, 242 per 100,000 people and 412 potential redundancies occurred in October, 50.66% – less than the regional average.
The North East is the fifth UK region least at risk of being made redundant in 2024. There were 6,528 potential redundancies, 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: “The South West is the least likely to experience redundancy in 2024, followed by the North West and the South East. 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.”
