Jobless Surges as Barclays Doubled Its Job Cuts
Wednesday, January 14, 2009 14:41
Following days of increasing redundancies as UK businesses struggle to cope with the economic downturn, the employment numbers in the UK toll surged higher today after Barclays double its job cut to 4200.
It emerged yesterday that the bank was planning to reduce the staff numbers by 2100 across its investment banking division, adding to the 400 IT staff cut by the bank last week. However, today, the bank surprised the investors by further shedding 2100 jobs from its retail and commercial businesses.
Unemployed population hit 1.86 million and economists expect the number to reach three million by next year. This situation will put more pressure on the Government to act quickly to help companies and out-of-work individuals.
According to an announcement by Labour on Monday, the government is palnning to invest £500 million in getting the long-term unemployed back to work through a series of measures. And Lord Mandelson unveiled a £20 billion scheme today to help small businesses to secure funding from banks, which are still proving reluctant to lend to companies.
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