Monday, Dec 08, 2008
Middle-class jobs bloodbath as unemployment 'hits 3.5m within two years'
daily mail: Middle-class jobs bloodbath as unemployment 'hits 3.5m within two years'
The middle classes are facing a jobs bloodbath as the recession hits service industries, business leaders say.
Their warning comes after a leading economist predicted that around 3.5million people could be out of work by the end of 2010.
The Confederation of British Industry says hotels, restaurants, shops and travel firms are all predicted to slash their staff as consumers tighten their belts.
A record four in ten professional services firms - including banks, law firms and advertising agencies - are also set to cut jobs in the first three months of 2009
Posted by mark @ 11:34 AM (1026 views) Add Comment
14 Comments
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1. str 2007 said...
I think this will cost us more than the Governments estimated £1billion in mortgage support.
2. paul said...
This is the daily maul - reactionary to the last.
3. stillthinking said...
If there were 3 million unemployed during the last major recesssion, then how can there possible be less than 3 million unemployed from this, when every aspect is so much worse?
4. Gotout2006 said...
stillthinking
I think in the last recession the amount included everybody that was unemployed and unable to
work through illness (stress, badback etc) he has taken these people out of the figures now
so we have more unemployed now some saying 6 millon if you include people with illness.
I am no expert but i think it's right.
5. Enoughalready said...
No problems for the Public sector though!
6. drewster said...
stillthinking,
Because all the unemployed people will go back to Poland. A lot of the employment growth in recent years (especially in construction, in restaurants, and in hotels) has come from eastern European migrants. If they lose their jobs they'll go back home. This is one of the benefits of a flexible, highly mobile labour force.
7. gone-to-colombia said...
They'll go back home! If only that would be the limited result, I suspect that this recession/depression will be much worse than that, its going to cut very deep.
8. Hip Hater said...
That'll be me cutting cabbages next spring then.
9. stillthinking said...
Your sarcasm is a bit too finely judged for me drewster.
10. it_is_going_with_a_bang said...
Would be nice to think that 'they will go back home'.
But, then again, they may just decide to stay and compete to work for much less than 'we' would be prepared to do.
11. drewster said...
stillthinking,
I only half believe it myself. The article does predict 3.5m unemployed though, that's higher than Thatcher's peak of 3.3m. Also note that that peak was in 1984 - it was nothing to do with the post-ERM housing bust.
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