Debt management needed as 330,000 job cuts projected
Debt management needed as 330,000 job cuts projected
Tuesday 23rd June 2009
According to the Centre for Economics and Business Research (CEBR), 334,000 people in business services will lose their jobs between 2008 and 2013.
The industry saw employment levels rise by 616,000 from 2003 to 2008.
Furthermore, the business services sector contributed to approximately one third of all new jobs created and five per cent per year gross domestic product since the New Labour government took power in 1997.
The CEBR believes the sectors most significantly hit will be those that rely on the 'investment cycle', 'discretionary budgets' and public spending'.
The worst hit sector is expected to be advertising.
Arek Ohanissian, one of the report's authors, said the dramatic reversal in fortune for the sector would have been "hard to imagine" even with the onset of the recession because of the sectors previously exceptional performance.
Ben Read, a managing economist at CEBR, said that tough times lay ahead.
He commented: "The business services sector will find the operating environment for the next five years to be very different compared with the previous five years.
"Steep drops in business investment, the collapse of the property market and construction industry, upcoming cuts in public sector spending as well as continued difficulty for firms to find capital imply difficult times ahead for this sector."
Debt management could be a useful tool in dealing with the loss of a job.
News article brought to you by Debt1 – UK debt management specialists.
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