31-03-2008
CBI predicts job cuts
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The Confederation of British Industry (CBI) has warned of forthcoming job cuts within the UK's financial services sector.
According to the CBI, the job losses could occur over the following three month period - a minimum of 10,000 positions are expected to be shed.
The survey was conducted in partnership with PricewaterhouseCoopers.
"This is a very serious crisis. Some have suggested it's the worst financial crisis since the second world war," said Ian McCafferty, chief economist at the CBI, in a report by the BBC.
"I think one of the key characteristics is that it will go on for quite some time to come."
Indeed, according to the organisation's quarterly survey for the financial services sector, a majority of firms polled believe that the ongoing credit crisis could worsen over the following six month period.
The CBI is a lobbying organisation, representing the UK's business sector.