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25,000 job losses in one week

In total last week saw a massive 25,000 people placed on the unemployment list as companies around the UK continue to cut down on their operating costs. Unemployment is fast approaching the 2 million mark and is expected to move nearer 3 million in 2009. If this is the case then the 25,000 redundancy week we saw last week could well be the tip of a very very large iceberg.

There is no doubt that the last couple of weeks have seen an increase in the number of redundancies and the speed at which they are being announced to the market. While many of the larger redundancy packages have hit the headlines there are literally hundreds of other similar situations on a smaller scale. The more redundancies in the UK, the less income tax for the government, the more social security spending required and this vicious circle continues again.

The UK is in the grip of a serious downturn the bottom of which is very difficult to see at this moment in time. We have seen various government ministers trotted out this week suggesting that the recent bailout and forthcoming tax cuts will spark the economy into life but many are ensure that this will be the case.

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