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UK unemployment set to rise in the short term

With rumours of a £1.5 billion write-down from British Telecom, a slashing of the dividend and up to 10,000 job cuts it looks as though the UK business arena is still struggling. Despite signs that the UK economy may well be starting to "bottom out" there are significant job cuts rumoured to be on the way. Aside from British Telecom, analysts are expecting significant job losses at Lloyd's bank and Pilkington as more and more businesses look to reduce their cost base and restructure for the future.

As we have covered on a number of our recent post, even if the UK economy is entering a stabilisation phase, prior to a full recovery, they will still be a significant lag in the UK unemployment market which will continue to rise for some time to come. Even though there have been numerous rumours about increased liquidity in the mortgage and business markets, again this will take some time to filter through to the bottom line.

BT, Pilkington and Lloyds bank will not be the last major UK businesses to announce significant job cuts before we see the real signs of recovery coming through. The financial hardship that many of the UK population are experiencing is set to continue for some time yet.

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