New data reveals the regions least at risk of 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 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.
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe 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.
Commenting on the study, Wealth of Geeks spokesman, Michael Dinich, 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.”
Table: The Great British regions least at risk of redundancies in 2024
| Rank | U.K. areas | Total number of possible redundancies | Total number of possible redundancies per 100,000 people |
| 1 | South West | 11,941 | 209 |
| 2 | North West | 16,006 | 216 |
| 3 | South East | 20,741 | 223 |
| 4 | Wales | 7,516 | 242 |
| 5 | North East | 6,528 | 247 |
| 6 | Scotland | 15,957 | 291 |
| 7 | West Midlands | 17,891 | 300 |
| 8 | East of England | 20,381 | 321 |
| 9 | East Midlands | 16,718 | 343 |
| 10 | Yorkshire and The Humber | 25,227 | 460 |
| 11 | London | 52,173 | 593 |
*Final redundancies are rounded to the closest whole number.
