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Realistbear

Massive Job Loss In Uk Services Sector

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http://uk.biz.yahoo.com//19062006/140/insu...1-550-jobs.html

Monday June 19, 11:37 AM

Insurance Company To Cut 1,550 Jobs
The insurance company Royal and Sun Alliance is to cut 1,550 jobs, with 1,000 of those going in the UK.

Another 500 or so houses on the market for a quick sale? :o

Don't be silly RB. They will all find fruitful employment in the miracle economy....won't they :unsure:

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Realist, Im kinda with you on the whole job loss thing, but consider this;

Ive known an old bear about 7 years. He always posts to me cuttings of job losses, and whenever I speak to him he reels - off the latest job casualties.

He's been obsessed with this for some 10 years and always predicts a depression is about to unfold.

Then a while later I read employment levels are ok again afterall.

No matter how many times this apparent raft of job losses then fails to result in a downturn (let alone a depression) my freind still persists.

Is he a realist or is he too hung - up on the past (ie - in his mind job losses must result in widespread downturn as surely there can be no new jobs to replace them)?

Edited by dogbox

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Realist, Im kinda with you on the whole job loss thing, but consider this;

Ive known an old bear about 7 years. He always posts to me cuttings of job losses, and whenever I speak to him he reels - off the latest job casualties.

He's been obsessed with this for some 10 years and always predicts a depression is about to unfold.

Then a while later I read employment levels are ok again afterall.

No matter how many times this apparent raft of job losses then fails to result in a downturn (let alone a depression) my freind still persists.

Is he a realist or is he too hung - up on the past (ie - in his mind job losses must result in widespread downturn as surely there can be no new jobs to replace them)?

10 years is longer than the last business cycle. You have to remember that the Great Crash that began in 1989 lasted until 1996. The bull market for houses started around 1996-98 and ended in 2005. Serious Job losses only began in the UK about a year ago and we have since lost 116,000 jobs in manufacturing according to the ONS stats. Peugeor, Rover, Vauxhall and Land Rover have all been casualties of the past couple of years which is fairly recent in relation to this current HPC.

As this present economic cycle unwinds we have more job losses to look forward to in terms of a house price correction. The social cost is, of course, horrible. The rising rates of bankruptcy and reposession are no doubt related in part to the job losses we are seeing.

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Don't be silly RB. They will all find fruitful employment in the miracle economy....won't they :unsure:

I work in the sector and can tell you that we can't recruit enough people for the work we have on at the moment. Very, very busy at the moment.

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It's well known that manufacturing jobs are declining. This trend started as long ago as the 1970s.

In return we've moved into the service sectors. You can argue whether this is a good or bad thing but hte fact is that over a long period now, we are not seeing significant net increases in unemployment.

And even on the services side, yes, businesses restructure and downsize and rationalise and amalgamate and all sorts of other things happen that make them shed staff. I've been made redundant 2 or 3 times now, and I just find a job somewhere else. In my industry (IT) there are periodic scare stories about the whole thing going belly-up but it never actually happens. People re-skill and move on. It's not a perfect way to live but at least it's forced most of us to be more resourceful and more adaptable to change.

The laughably-named "Realistbear" is anything but realistic, of course. To him (or her?) Royal and Sun Alliance's announcement about 1000 job losses is symptomatic of a decline in our economic health.

No.

Royal and Sun Alliance's profits are up 30% this year to over £200m. They've said that they plan to reduce the staffing levels by natural wastage. Their share price is up today, as is the sector, and the FTSE in general.

Realist Bear spinning for England yet again.

Does he ever tell the truth about anything at all???

Edited by brassfarthing

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It's well known that manufacturing jobs are declining. This trend started as long ago as the 1970s.

In return we've moved into the service sectors. You can argue whether this is a good or bad thing but hte fact is that over a long period now, we are not seeing significant net increases in unemployment.

And even on the services side, yes, businesses restructure and downsize and rationalise and amalgamate and all sorts of other things happen that make them shed staff. I've been made redundant 2 or 3 times now, and I just find a job somewhere else. In my industry (IT) there are periodic scare stories about the whole thing going belly-up but it never actually happens. People re-skill and move on. It's not a perfect way to live but at least it's forced most of us to be more resourceful and more adaptable to change.

The laughably-named "Realistbear" is anything but realistic, of course. To him (or her?) Royal and Sun Alliance's announcement about 1000 job losses is symptomatic of a decline in our economic health.

No.

Royal and Sun Alliance's profits are up 30% this year to over £200m. They've said that they plan to reduce the staffing levels by natural wastage. Their share price is up today, as is the sector, and the FTSE in general.

Realist Bear spinning for England yet again.

Does he ever tell the truth about anything at all???

The "truth" is as the article suggests unless, of course, RSA are not letting 1000 people go. The point is that the VIs having been saying that strong employment growth is underpinning ever rising house prices. As the economy runs in cycles job growth does not continue forever. Cycles occur when employment figures turn negative. RSA's share price is bound to be up due to the savings made on firing a large number of people--that means more for the shareholders.

IMO and in the opinion of others:

The downward trend in the employment rate has levelled off while the trend in the unemployment rate continues to increase. The number of people claiming Jobseeker's Allowance benefit has increased. The number of job vacancies has fallen. Growth in average earnings excluding bonuses has fallen while growth in average earnings including bonuses has increased.

http://www.statistics.gov.uk/CCI/nugget.asp?ID=12

According to the ONS 3 things are happening:

1. the trend in the unemployment rate continues to increase

2. The number of people claiming Jobseeker's Allowance benefit has increased

3. The number of job vacancies has fallen

Fewer jobs, more people on the dole and the unemployment rate is up. Spin or just facts? You decide.

Edited by Realistbear

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The UK has two major problems when it comes to employment.

One is it has become a service based economy and the trouble with that is Europe is going the same way and there is only so much service type work to go around and with technology, these type of jobs are being outsourced to India.

Two we and Ireland have an open door policy and are being flooded by immigrants, taking our jobs and undercutting wages so when the down turn comes, as it always does eventually then all these immigrants will become a serious drain on limited resources

A man that has been working his a$$ for the past few years to meet payments on a £100 plus mortgage is not going to be too please when he losses his job, house and sees that immigrants have taken all the jobs that he is able to do and once he has nothing to loose, he could be excused for demanding that these immigrants return home and free up jobs for locals.

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The insurance company Royal and Sun Alliance is to cut 1,550 jobs, with 1,000 of those going in the UK

Today Old Mutual, a player in the same sector announces 600 UK jobs losses over the next 3 years.

Being a South African firm, they have less political incentive to preserve jobs... a bit like Abbey, P&O, BAA, Pilkington,

BodyShop, Aegis, AB Ports ... oh, the list of Brit companies turning foreign just goes on and on ...

Still, nevermind: doubtless, like so many of the newly redundant, they'll find their way into good ole property development, shovelling £££££s into affordable homes just to make them unaffordable. Being newbs, they'll probably loose on the deal, thus achieving the dubious distinction of having made housing doubly unaffordable for themselves. Hah! :lol:

_____________________________

PS: by the way, these

Johnny foreigners clearly think our stock market massively overvalued (NOT). Why else would they be bidding at a premium? :lol:

Edited by Sledgehead

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http://uk.biz.yahoo.com//19062006/140/insu...1-550-jobs.html

Monday June 19, 11:37 AM

Insurance Company To Cut 1,550 Jobs
The insurance company Royal and Sun Alliance is to cut 1,550 jobs, with 1,000 of those going in the UK.

Another 500 or so houses on the market for a quick sale? :o

Getting ready for the Crash perhaps?

As a major owner of Rightmove, they must know the writing's on the wall.

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  • 301 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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