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334,000 Job Losses Predicted

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Around 334,000 jobs will be lost across the business services sector during the coming three years, it was warned.

The centre for economics and business research (cebr) said the recession would lead to more than half of the jobs that were created in the business services sector during the past five years being axed by 2011.

Even by 2013, there are still expected to be 311,000 fewer jobs in the sector than there were during the peak year of 2008.

The group said sectors which relied on the investment cycle, discretionary budgets and public sector spending would suffer the most, with advertising the worst hit.

The business services sector has been one of the strongest performing parts of the UK economy in recent years, accounting for around a third of all new jobs created and 5% per year of economic growth since Labour came to power in 1997.

But the credit crunch and recession have reversed this trend, and employment in the sector is expected to be 8% lower in 2013 than at its peak in 2008.

The prediction contrasts with the 20% rise in employment and the 15% increase in output seen by the sector between 2003 and 2008.

The cebr report said: "The business services sector will suffer dearly from the recession, more than half of the jobs it gained during the last five years will be lost over the next five years."

The advertising sector alone is expected to shed 15,000 jobs during the period, after already seeing revenues drop by 3.9% in 2008.

The group said the recent and continued deterioration of public finances would have a significant impact on the business services sector, as the public sector accounted for a significant proportion of its revenues.

An economy propped up by public and private debt. Once the public sector cuts start in 2010 we'll see what the economy really looks like!

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