Oct 5, 2009

UK financial job losses could touch 60,000: Report

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It is a difficult scenario for the UK financial and insurance sector, as a new report by the PwC and CBI presents a bleak forecast for the industry, adding to the fears of the IMF's earlier reports that Britain faces a tough jobless situation.

In their quarterly report on the UK's Financial, Insurance and Realty sector the PricewaterhouseCoopers and the CBI (Confederation of British Industry) have forecast a more difficult situation where up to 60,000 jobs could be shelved according to the report. Affected jobs are predicted to be in financial services, Insurance and Housing sectors.

The once booming sectors of the UK Economy have been hit the hardest for its heavy dependence on these sectors and the recovery will be much difficult as compared to other markets in the Europe the report forecasts.

The construction products association too has presented a poor outlook about the situation in the construction sector, where it predicts, it could be till 2021 for the sector to climb back again to the booming levels of 2007.

The only positive outcome of the report was that the business levels grew in the third quarter amidst job less threats, for the first time in two years.


lawmacs said... Reply to comment

I still beleives that some company uses the reccession to make staff cuts

Shane said... Reply to comment

It's my belief that the industry was long overdue for a readjustment. The role of the financial industry is to allocate capital therefore something is wrong when all of the capital, both human and monetary, is tied up in that industry.

Life with Passion ! said... Reply to comment

Hi lawmacs ! Yes this is a real possibility where companies are always looking to optimize the company's performance in the long run ! This becomes ugly only during the times like recession.

Life with Passion ! said... Reply to comment

@ Shane ! This is a very very good point shane !

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