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The New Worker's Dilemma: Take A Pay Cut Or Risk Getting The Sack

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http://business.timesonline.co.uk/tol/busi...icle5563269.ece

Struggling businesses are making plans to cut workers’ pay as Britain slides into its deepest recession since the Second World War.

Unemployment is now rising at a faster rate than in the early phases of the Nineties recession, official figures out yesterday confirmed.

The number of people out of work and claiming benefits leapt by another 77,900 last month, on the heels of a revised 83,100 jump in November.

The news comes before confirmation expected tomorrow that the country has entered the sharpest economic slump for 30 years.

The ever-bleaker conditions in the UK jobs market were highlighted by the latest figures from the official Labour Force Survey, ministers’ preferred unemployment gauge, which climbed to within a fraction of 2 million, hitting 1.92 million in November. In reality, there is little doubt that more than 2 million Britons are now out of work.

Hundreds of thousands more across Britain are expected to lose their livelihoods this year as the recession cuts deeper into the economy.

Economists now predict that unemployment will soar to 3.25 million by early 2010, according to a new Reuters poll of the City.

The Bank of England reported that even among those who keep their jobs, many will face the grim prospect of pay freezes and actual wage cuts.

Scattered examples of businesses seeking to cut or renegotiate pay for existing staff have already emerged as the downturn has gathered pace, but the disclosure yesterday from the Bank’s agents around the country suggests that the trend is gathering pace.

Cutting pay more households in distress, people won't be able to take out big mortgages, house prices to fall further, tax revenues to fall even further off a cliff.

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Economists now predict that unemployment will soar to 3.25 million by early 2010, according to a new Reuters poll of the City.

The "expert" economists now predict 3.25 million. Make that 5 million in real world thinking. :rolleyes:

Unemployment's going to be the endgame log that finally blows up the fan. Oh dear.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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