Job cuts set to worsen conditions for debt-hit Brits
Job cuts set to worsen conditions for debt-hit Brits
Tuesday 17th June 2008
According to the Confederation of British Industry (CBI), 11,000 job cuts will be made every month this year, with 200,000 gone by the end of the year.
The CBI expects the losses to hit workers in bars, restaurants and hotels especially hard as Britons rein in their spending on leisure.
Meanwhile, construction workers will suffer as the slowdown in the housing market will mean that fewer new projects are begun.
CBI chief economic adviser Ian McCafferty said: "It is very much consumer-facing companies which are at the centre of the downturn."
The new figures are set to heighten fears that thousands more Britons could fall into problem debt this year, with many of these poised to turn to debt management solutions such as Individual Voluntary Arrangements (IVAs) in a bid to gain control of their finances.
Debt1, official website of Byrom & Keeley - Experts in Debt Management.
Related News
Brits taking action to cut debt levels - 13/06/08
Debt-hit Britons are cutting back on spending as soaring living costs begin to cut into their finances, new data has shown
Debt-hit Britons are cutting back on spending as soaring living costs begin to cut into their finances, new data has shown
Spike in unemployment figures fuels fresh fears for debt-hit Brits - 12/06/08
Debt-hit Britons have been dealt a further blow by figures which suggest that the labour market is weakening
Debt-hit Britons have been dealt a further blow by figures which suggest that the labour market is weakening
Overdraft fees adding to debt problems, claims finance site - 11/06/08
Millions of Britons are adding to their debt problems by regularly going overdrawn without permission, a survey has shown
Millions of Britons are adding to their debt problems by regularly going overdrawn without permission, a survey has shown
Brits feel pinch of higher rates on credit card debt - 10/06/08
Britons who come to the end of their the zero per cent term after transferring their credit card debt are being hammered by increasingly higher rates of interest, new research shows
Britons who come to the end of their the zero per cent term after transferring their credit card debt are being hammered by increasingly higher rates of interest, new research shows
Energy hikes deal fresh blow to debt-hit consumers - 09/06/08
Energy prices are set to rise again over the next twice months, in the latest blow to consumers struggling with higher credit card debt and loan repayments and soaring food prices
Energy prices are set to rise again over the next twice months, in the latest blow to consumers struggling with higher credit card debt and loan repayments and soaring food prices
News Article Search
Quick Apply
News Archive