Wednesday, May 10, 2006

Meltdown warnings as Britain loses 7,300 jobs in 24 hours

Times: Meltdown warnings as Britain loses 7,300 jobs in 24 hours

The Government was today urged to take action to rescue British industry after three companies today announced closures and outsourcing leading to the loss of 7,300 jobs. A series of grim announcements stunned workers and led to warnings of a jobs meltdown, especially in manufacturing.

Posted by Jason @ 07:01 AM (664 views)
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9 Comments

1. Ohhyesitwill said...

So what will it take to trigger a crash in terms of interest rate rises? History would suggest 2 - 3 % in a year, but surely with the huge LTV's, the 3 - 4 or even 5 x salary amounts lent, the huge credit card burdens etc, this rise must be a lot smaller now? A chap I work with believes a 1/4 point rise will hit him for 80.

Wednesday, May 10, 2006 09:25AM Report Comment
 

2. denzil said...

Having suffered redundancy once I feel for all these people. 7300 redundancies in a day is frightening.

Wednesday, May 10, 2006 09:40AM Report Comment
 

3. Surfgatinho said...

I do feel for these people and realise that people I know might be next. However, it is a by product of globalisation and to some extent the masses have brought it on themselves.
Every penny they've saved on cheap imported goods is a penny out of the British economy. Sooner or later it's going to be payback day big time

Wednesday, May 10, 2006 10:04AM Report Comment
 

4. Talking_rot said...

I remain unconvinced by the arguement that high personal debts effect the majority of the population. Sure, a percentage of people are indebted up to their eyeballs but this is far from the norm. Should these heavily indebted people loose their jobs, they may also loose their homes if they have one. I read in the papers and hear on the radio that "young" people are the most heavily indebted. while "young" people are not defined, are they the same "young" people who do not own a home because they have been priced out of the market.

Unemployment remains historically low. Interest Rates remain historically low. Sterling is currently high. Under these conditions a House Price Crash remains unlikely. I accept that this may not always be the economic situation but there isn't any sign of a House Price Crash today, and one isn't scheduled for tomorrow either.

PS. No I'm not an Estate Agent but a potential FTB!

Wednesday, May 10, 2006 10:10AM Report Comment
 

5. This comment has been removed as it was found to be in breach of our Blog Policies.

 

6. Doggadogdog said...

HP brown Sauce will never be the same... keep it in brum,,,,,,,, strange place aston cross, they had a ferrari garage oposite the gates to the sauce factory.

Brown sauce is a essential ingredient of the great british fry up. The English Breakfast. Heinz should hold its head in shame as the descecration of out National Pride.

SOS Save Our Souce.

Wednesday, May 10, 2006 01:49PM Report Comment
 

7. Inbreda said...

On the bright side, those that are made redundant now and have the sense to sell their house rather than try to cover the mortgage will avoid the pain of being made homeless when the crash occurs and they won't have the option of selling.

Wednesday, May 10, 2006 01:52PM Report Comment
 

8. Amateureconomist said...

And still the house prices keep on going up!!

Wednesday, May 10, 2006 04:06PM Report Comment
 

9. Sirgoogle said...

Inbreda. Those made redundant won't need to sell, the Govt will support their mortgage repayments through social security. This will mean a tax rise not a HPC. Or am I wrong?

Wednesday, May 10, 2006 08:34PM Report Comment
 

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