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UK workers pay for economic downturn with their jobs

Despite the fact that the UK, and worldwide, economic downturn was primarily linked to the credit crunch and the worldwide banking sector, UK workers, especially those in the banking sector, are paying for the downturn with their jobs. We have seen tens of thousands of job losses across the board with the likes of Lloyds bank and Royal Bank of Scotland's leading the way, under the watchful eye of significant shareholder, the UK government.

On one hand the government is looking to secure as many jobs as possible in the medium to longer term but in the short term there is pressure on the banking system to realign costs with job losses an obvious result. It is no coincidence that Lloyds bank and Royal Bank of Scotland, once regarded as two of the largest banks in the UK, have been hit hardest while the likes of Barclays, HSBC and other banks have not been forced to "trim their workforce" as much.

There is some debate as to whether Lloyds bank and Royal Bank of Scotland will ever regain their former glories because ultimately these are two businesses which will in the short to medium term be sliced and diced and sold on to new entrants into the UK financial sector. We stand on the verge of losing two of the U.K.'s best-known banking brand names to foreign ownership, where loyalty to the UK workforce may be even weaker than it is today.

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