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.
Share this..
Related stories
OPEC sees no reason for meeting
Despite the fact that US crude oil touched $82 a barrel last week OPEC has no plans to meet until the price hits at least $100 a barrel. There is renewed optimism in the energy markets because of an expected recovery in the US economy and the possibility of an increase in oil usage in the weeks and months ahead. However, the fact that OPEC has no plans to meet at the moment and would not even cons...
Read More£12 bn worth of cuts to be announced in budget
07/07/2015 George Osborne, Chancellor of the Exchequer, has claimed that he has decided how the government will make £12 billion worth of welfare cuts that had been promised in the Conservative Party manifesto. These cuts will be announced in Osborne’s new budget tomorrow, the first all Conservative budget in more than 20 years. They are expected to include a reduction in the benefit cap...
Read MoreCan the UK government afford the East Coast main line?
The UK government has been forced to take back ownership of the East Coast mainline rail franchise after former operator National Express failed to balance the books. However, there is now great concern that under the ownership of the UK government it could cost taxpayers more than ever before to travel on this particular line. Indeed there are already signs that ticket prices will be increasing i...
Read MoreIs the second rescue package vote in the US already doomed?
Despite putting itself forward as the saviour of the world it looks as though the second vote on the US rescue package may actually be a lot closer than many are suggesting. While many people are assuming that the vote will go in favour of the revised package there are already noises from the lower house suggesting that the changes have not gone far enough.
The next two hours will...
Will the winner of the next election hold a poisoned chalice?
As the Tory party seemingly ready themselves for office next year there is a feeling that the next government of the UK will have an almost impossible situation to deal with. In the midst of the deepest recession for many years, the largest government budget deficit in history and national debt which is now approaching £2 trillion it seems that the next incoming government will have very little r...
Read More