Firms moot further cuts in "frightening" downturn

14/01/2009

Around 5,000 more job cuts could be announced in the UK over the coming days.

A variety of firms are looking to cut staff numbers across many different sectors, testifying to the deep impact the credit crunch and financial downturn are having on the British economy.

Yorkshire insulation firm SIG has said that around 1,000 positions have been lost so far - up 100 on its previous total, the Press Association reports.

Retailer Argos is reportedly planning to close a big distribution site in Manchester.

Meanwhile, London operations of financial firms Merrill Lynch and Bank of America - who agreed to a merger last year - are to be cut by 30 per cent.

This means that around 2,000 employees could be made redundant.

The job loss news follows the release of a gloomy new economic report from the British Chambers of Commerce.

According to the business group, the manufacturing and services sectors showed a "frightening" deterioration towards the end of 2008.
Unemployment recently rose to 1.86 million on official figures - an eight-year high.

Tags; Young Family Finances, Job loss, Recent Graduate Debt,

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