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As Gordon Brown urges the rest of the world to follow his lead and pump billions of pounds of tax payer’s money into the banking system you could be mistaken for thinking that he has gone from zero...
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Friday 23rd May 2008
As the UK house building sector struggles with some of the worst market conditions which many of them have known, the chairman of the Home Builder Confederation Stewart Baseley has confirmed that many of the federation’s members are looking to make substantial jobs cuts in the short term.
Mr Baseley has made a very interesting observation pointing out that the situation at the moment is not based upon job losses, solely on the fact that finance is not available. The problem then is that as business dries up there will be substantial job losses and we may well see a further slump in the economy in the future. In reality this economic situation is a reversal of many we have seen in the past where employment leads to less money, which leads to a reduction in activity in the housing market.
The big names in the industry have already indicated that they need to cut costs and job numbers are going to be the first option for many. We have already seen many building shares fall by over 50% since the situation worsened and there are real concerns that some of the smaller house builders may not survive. |
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