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Will job cuts affect any recovery in the UK financial market?

It has been confirmed that over 20,000 jobs have been lost in 2009 so far from the UK financial sector. While this is just a fraction of the figure for 2008, there are serious concerns that ongoing redundancies could affect and slow down a potential recovery in the market. However, these concerns need to be considered against a background which shows that many UK banks are now just a fraction of their size at the peak of the market and will be operating on reduced business levels in the short to medium term at least.

There have been concerns for some time that the UK financial market may be losing many of the top brains that have made the market so strong over the last few years. A mixture of increased regulatory pressure and ever increasing taxation from the UK authorities appears to have been the straw which broke the camel's back for many. Even if the Conservative party was to gain power, historically a very pro-business political party, there is a feeling that much of the damage has already been done and it will take some time to attract the best business brains back to the UK.

As we have mentioned on a number of occasions, the UK financial sector is the heartbeat of the UK economy and will eventually lead the UK out of recession.

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