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Hi all just been on sky news that nr are going to be cutting a third of its staff and this is just the start which bank do you think is going to

be next to start sacking staff,I think there will be a lot more houses for sale in the very near future.

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Hi all just been on sky news that nr are going to be cutting a third of its staff and this is just the start which bank do you think is going to

be next to start sacking staff,I think there will be a lot more houses for sale in the very near future.

Doesnt really matter to us in the UK as all banking jobs are in India.

I suppose India is now exposed to a meltdown in the UK banking sector.

The UK now works for its Government, and indeed looks to Government to provide their needs with regard jobs and benefits, so we will be well insulated against a downturn.

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Mortgage Lender To Axe 2,000 Jobs

Mortgage lender Northern Rock has confirmed plans to axe more than 2,000 jobs.

The cuts are part of Chairman Ron Sandler's restructuring plans for the Newcastle-based group.

It was taken into public ownership in February after being

forced to seek a Bank of England funding bail-out last year.

Just under a third of Northern Rock's 6,500 staff are to go as Mr Sandler takes action to shrink the business and cut the lender's balance sheet to around half the current £113bn.

Chancellor Alistair Darling is said to be readying a "rapid reponse" team in tandem with the regional development agency One NorthEast to ease the impact of the job losses on the lender's heartland.

Yesterday Mr Darling gave formal notification to the European Commission of plans to continue with the funding support to Northern Rock, which has run to an estimated £24bn so far.

The job cuts and the shrinking of the troubled business are necessary for the Government to comply with European rules on state aid, to prevent distorting competition in the banking sector.

Northern Rock - whose customers are 100% guaranteed by the Government since the bail-out - is aiming to encourage savers to boost its deposit base, while offering high mortgage rates to deter homeowners.

The lender became the first major victim of the credit crunch last September after its borrowing costs soared - sparking the first run on a bank in more than 140 years

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........ which bank do you think is going to be next to start sacking staff....

HBOS, Bradford and Bingley, Alliance and Leicester? A report out yesterday predicted 50,000 job losses to come in the UK banking sector. I think that's probably a conservative estimate.

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HBOS, Bradford and Bingley, Alliance and Leicester? A report out yesterday predicted 50,000 job losses to come in the UK banking sector. I think that's probably a conservative estimate.

Not if they are in receipt substantial public handouts (Courtesy of Merv) and with an election coming up. :angry:

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More than 2,000.

Perhaps the Barcodes could have a £multi-million whipround out of their salaries paid for with NRK sponsorship money.

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Not if they are in receipt substantial public handouts (Courtesy of Merv) and with an election coming up. :angry:

The banks will still cull workers if there isn't profitable work for them. Only the government can employ dead wood indefinetly.

Edited by insidetrack

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Not if they are in receipt substantial public handouts (Courtesy of Merv) and with an election coming up. :angry:

There's going to be a limit to the handouts even profligate Brown can award before he is forced to go the the IMF with a begging bowl. Unless he wants to completely debauch the currency of course and send it below the level of the euro?

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I love the quote from the union Unite; "we will oppose any compulsory redundancies". Ha!

And how will that help matters, you numbnuts? Do you think the unemployed single mothers in Buttf*cksville, Ohio are all going read the news that morning and say, "gee, Unite is opposing compulsory redundancies; ah guess ah bedder pay mah mortgage after all" and then the global financial market will suddenly revert back to 2006, like it was all a bad dream or the episode in Dallas where Patrick Duffy wakes up in the shower and isn't dead after all?

Jeeeeesus.

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Hi all just been on sky news that nr are going to be cutting a third of its staff and this is just the start which bank do you think is going to

be next to start sacking staff,I think there will be a lot more houses for sale in the very near future.

bbc link http://news.bbc.co.uk/1/hi/business/7302312.stm

but those made redundant should be fine:

"Mr Clarke said the news was a "setback" for the regional economy and, in particular, the loyal and dedicated Northern Rock workforce.

But he added: "All the evidence shows that there is strong demand in the North East for the skills that many of Northern Rock workers possess and the vacancies are there to retain as many of these skilled workers in our region as possible."

hmm...

Edited by dryrot

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Guest The_Oldie
bbc link http://news.bbc.co.uk/1/hi/business/7302312.stm

but those made redundant should be fine:

"Mr Clarke] said the news was a "setback" for the regional economy and, in particular, the loyal and dedicated Northern Rock workforce.

But he added: "All the evidence shows that there is strong demand in the North East for the skills that many of Northern Rock workers possess and the vacancies are there to retain as many of these skilled workers in our region as possible."

To be honest, I feel sorry for the staff. When I opened my Access Bond at the end of January, the branch staff couldn't have been more friendly and helpful, they were all worried sick about their jobs though.

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I thought Id post the good news here too :

Welsh mining is set to make a comeback.

Apparently they have found some copper on snowdonia.

Well they have some competition on their hands as they have some copper under the pier in Sandbanks Poole

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I love the quote from the union Unite; "we will oppose any compulsory redundancies". Ha!

Given that Unite pays a pretty hefty affiliation fee to the Labour Party and that the latter already has a £20 million overdraft, it's opposition that Brown and Darling will have little choice but to take note of. Labour are unlikely to pay much attention to the unemployed single mothers in Buttf*cksville, Ohio; but their counterparts in Pelaw and Byker represent NuLab's electoral lifeblood and will be treated accordingly.

Unite's statement effectively translates as 'No compulsory P45s or else'. The job loss figure announced, therefore, probably represents the envisaged natural attrition rate, assuming that people who resign or retire are not replaced.

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I object to public money being used to pay the staff of a failed private bank. All of them should be losing their jobs, and they should get what other private sector employees would get - nothing.

That is being fair.

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I object to public money being used to pay the staff of a failed private bank. All of them should be losing their jobs, and they should get what other private sector employees would get - nothing.

That is being fair.

They should also lose their pensions, as is the case with any other private company that goes to the wall.

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They are my fellow countrymen and women, each a Geordie, and I really feel for them because it's going to devastate their lives and the lives of their families.

However, if my business gets into trouble, no-one bails me out. The Govt did not the miners or the shipbuilders out. It is a business's job to make money, pay the staff, pay the suppliers and survive on its own two feet.

Otherwise, the wonderful but flawed system of capitalism becomes corrupted and there exists no longer a real-world relationship between risk and reward.

EDIT - Missing verb structure.

Edited by Pacific State

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Given that Unite pays a pretty hefty affiliation fee to the Labour Party and that the latter already has a £20 million overdraft, it's opposition that Brown and Darling will have little choice but to take note of. Labour are unlikely to pay much attention to the unemployed single mothers in Buttf*cksville, Ohio; but their counterparts in Pelaw and Byker represent NuLab's electoral lifeblood and will be treated accordingly.

Unite's statement effectively translates as 'No compulsory P45s or else'. The job loss figure announced, therefore, probably represents the envisaged natural attrition rate, assuming that people who resign or retire are not replaced.

Dunno if pelaw is "that" bad, byker however...

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Guest An Bearin Bui
I object to public money being used to pay the staff of a failed private bank. All of them should be losing their jobs, and they should get what other private sector employees would get - nothing.

That is being fair.

We were somehow supposed to believe up until now that banking employees had such tough, free-market driven lives that they deserved to be paid six-figure salaries from our pension funds and mortgage payments and savings deposits. Now it appears that the banking industry wants to have its jobs protected at the first sign of a cold free market wind blowing across their sector, despite working for an essentially insolvent company. It's truly ridiculous.

I appreciate some NR employees are just trying to pay the bills like all of us and aren't the masterminds behind NR's irresponsible business tactics but it is infuriating to be asked to have sympathy for them when they have benefited so much from a destabilising housing boom, the fall-out from which is about to wreck the economy for all of us. There will be many employees let go from relatively responsible, productive firms in technology, building, food production, consumer goods etc that will go to the wall in the next few years due to the credit crunch and general economic woes and they will be left to their fate without any government bailout. I prefer to reserve my sympathy for them.

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450 people have just been let go at my GF's place of work.

Shes survived.

I guess the shit is hitting the fan.

There's going to be a lot of people in trouble when you consider how many people are reliant on 2 incomes to pay the mortgage.....

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  • 298 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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