Qualified advisers answering your
Financial Questions
call 0800 092 1245

Spending cuts could lead to one million job losses

Accountancy giant PwC has issued a review of proposed spending cuts in the UK with a warning that up to 1 million jobs could be lost between the private sector and the public sector. Up until now many had believed that spending cuts would only have a major impact upon the public sector when in reality the loss of jobs could be evenly spread between the two sectors. Should this be enough to change the government's strategy going forward?

While there is no doubt we will experience pain either way in the UK in the short to medium term, and a potential £46 billion reduction in annual gross production by 2014/15, PwC believes this should not derail any potential economic revival in the medium term. The figure of 1 million potential job losses is a worst-case scenario and it is hoped that flexibility in the labour market could reduce this figure substantially.

It is only now that we are starting to see the potential pain that UK consumers and UK businesses can expect to experience in the short to medium term before an expected economic revival. Unfortunately, because of the state of UK plc finances there are very few options available to the government.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details