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Job cuts on the way!

A study by KPMG and the Chartered Institute of Personnel and Development has unlocked some very distressing figures for the UK employment market in the short to medium term. A third of the 600 employers surveyed in this latest report suggested that they were looking to reduce their headcount over the next three months. This is the worst figure for this type of survey for over 12 months and does not bode well for the immediate future.

While, as expected, the vast majority of these expected job cuts will come in the public sector there are also concerns in the private sector. The UK government's recent budget reduction plans are now starting to hit home and companies are looking to trim any fat from their operations. Inevitably this will place further pressure on the remaining workforce and see profit margins and balance sheets stretched to the limit.

Even though there is a general consensus that the UK budget deficit needs to be addressed sooner rather than later it will only become apparent over the next two months how this will impact upon the UK economy. The need for short-term pain for long-term gain is evident but whether UK voters will forgive David Cameron at the next election remains to be seen. Previous talk of a "poisoned chalice" is starting to have a certain ring of truth.

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