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Shock Fall In Service Industry Employment Numbers

While there were forecasts for a reduction in the number of employees in the UK service industry as the economy slows, the latest numbers show how bad the situation really is. It seems as though the hotel and restaurant sectors have been the hardest hit with many observers reporting a ‘culling of jobs’ over the last few weeks. It seems that many companies have decided that they need to cut heir costs base to the bone and immediate action is required.

Over the last 50 years the UK has changed from a manufacturing based economy to more of a services based economy, with the services sector accounting for nearly seventy five percent of the UK economy. If the reduction in employment numbers continues and moves ‘up the ladder’ into areas such as finance this will have a major knock-on affect to the short and medium term outlook for the UK.

A rise in unemployment figures, a growing social security budget and reduced tax income for the government will all place more pressure on the authorities. However, the UK economy is like a large ship and a change of direction will not happen overnight now that ‘a new route has been plotted’.

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