Job loss survey released by CBI

08/12/2008

The service sector will be particularly hard hit by the recession, business leaders said today.

According to the Confederation of British Industry (CBI), a leading business group, job losses in the sector will "accelerate" over the months to come as the downturn bites.

The CBI drew its conclusions following a poll of 195 firms, which showed a "steep" drop-off in business over the September-November period.

Firms selling services to businesses were found to be the worst-affected of all.

Ian McCafferty, the CBI's chief economic adviser, said: "Recent economic data has highlighted just how rapidly the economy is weakening.

"With consumers continuing to tighten their belts, companies operating in consumer services, such as leisure and personal care, are continuing to find trading conditions very challenging."

The government's own figures predict that GDP will shrink in the UK throughout 2009 before recovering in 2010.

Tags; Young Family Finances, Job loss,

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