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CBI expects 30,000 financial jobs to go in next six months

In a bitter blow to the UK financial sector the CBI has revealed expectations that 30,000 jobs could be lost over the next six months. When added to the 40,000 job cuts last year across banks, building societies, insurers and investment managers, this does not bode will have the future of one of the U.K.'s largest service sectors.

The CBI is also suggesting that profits and business levels are set to fall by rates not seen over last 20 years as the industry struggles to adapt to a new environment. There is still no definite end to the downfall of sector with the mortgage market particularly under extreme pressure and operating on substantially reduced levels of liquidity. Until we see a recovery in the mortgage market for instance there is little chance of a substantial recovery in the sector or indeed the property market as a whole.

When you consider the billions upon billions of pounds of taxpayer's money which have been thrown into the UK financial sector and money markets, there would appear to be little return on this investment as yet. Quite when we will see any return is highly debatable as the UK economy fights the double trouble of deflation and a potential move towards a depression.

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