
Something you won't find on the BBC, still the bottom has been hit, which means the only way is up...... unless it is a double dip recession like 1973.
MORE than 10,000 local government jobs could be lost in Wales over the next four years, according to estimates based on UK Government figures.
The figure has prompted concern not simply about the immediate impact on jobs and services, but also the future impact on opportunities for school leavers and graduates.
At least two Welsh councils are understood to be examining the possibility of “hundreds” of job cuts in the short-term, with fears budget deficits could quadruple over the next three years. Local government experts last night warned of the biggest squeeze on public services in a generation.
The consequences of the banking crisis, which have already caused significant job losses in the private sector, are expected to feed through to councils during the financial year that starts in April.
Council chief executives and finance directors are briefing local politicians on the options open to them in a climate where experts are predicting the need for bigger cuts than had previously been expected.
Burnley Shop Direct workers ‘in limbo’ after being told of 450 job cuts
10:42am Friday 29th January 2010
SHOCKED Shop Direct staff said they were “devastated” and “disappointed” by yesterday’s announcement that the company's Burnley operation is to close with the loss of 450 jobs.
Staff at the Kingsway building were told to stop taking calls immediately and attend a meeting in the briefing room at about 10am, and within an hour they were leaving work for the day, with many lives turned upside down.
Hundreds of workers looked shell-shocked as they filed out of the office, with many waiting for taxis or lifts, and around 30 heading to a town centre pub to drown their sorrows.
"These are deeply depressing numbers for those longing for a sustained economic recovery in the United Kingdom. Just when we need to set free and empower the private sector, Britain is moving in precisely the wrong direction. We need reduced taxation, less regulation and a smaller role for government. What we're getting is exactly the opposite"
The UK performs extremely poorly on government spending, scoring just 41.9 out of a maximum 100. According to the report’s authors:
"…the government’s size and spending have grown significantly under successive Labour governments, damaging Britain’s competitive edge. Prime Minister Gordon Brown plunged Britain further into debt at the onset of the recent financial crisis with bank bailouts and stimulus packages."
This is particularly worrying because increased government spending has not improved economic crisis performance. In light of the global financial and economic storm, many advanced economies’ governments have stepped up spending to promote growth and employment. The early evidence is that such spending did not work.
The report provides further evidence that the UK is falling behind her economic competitors, particularly those in the Far-East and Australasia.
Hong Kong (score: 89.7) once again tops international rankings for economic freedom, with Singapore second (on 86.1) and Australia in third spot (82.6).