More job cuts to hit UK

11Aug08

More job cuts to hit UK

There may be bad news ahead for the UK jobs market. As the credit crunch bites companies are being forced to cut back on costs. As you might predict it is the day to day workers who will lose their jobs. The rising costs of basics such as gas, electricity and petrol leave these people in a precarious position.

A survey of 1,200 bosses has found that only 29% plan to hire new employees before September. The number planning redundancies has increased from 22% to 27%.

“The jobs market has been one of the few bright spots in the UK economy, but cracks are appearing in the face of an increasingly uncertain economic outlook,”

John Philpott, chief economist at the Chartered Institute of Personal Development

The employment market is looking less secure as companies begin to react to less favourable market conditions. Plenty of UK jobs are still available but competition for roles is becoming more fierce. Job sites are seeing increased interest as people worry about the security of their positions.

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