Newspaper article The Evening Standard (London, England)

300,000 Jobs Will Be Axed by Next Easter, Say Economists

Newspaper article The Evening Standard (London, England)

300,000 Jobs Will Be Axed by Next Easter, Say Economists

Article excerpt

Byline: NICHOLAS CECIL

MORE than 3,300 jobs a day will be lost in a redundancies bloodbath in the New Year, economists predicted today.

The Chartered Institute of Personnel and Development issued the dire forecast which could see unemployment soar above three million by 2010.

The managers' organisation predicts that 300,000 jobs will go in the first three months of 2009, with another 300,000 by the end of the year and even more if interest rate cuts and the Government's multi-billion fiscal stimulus fail to prop up the economy.

"We are going to see a very bleak period between New Year and Easter," the Institute's chief economist John Philpott told BBC Radio 4's Today programme. "A lot of employers have been waiting for the turn of the year before making redundancy announcements." The financial, retail and manufacturing sectors were particularly vulnerable but all parts of the economy would be hit, he added.

Mr Philpott predicted that personnel departments would "feel more like ER or Casualty" as swathes of jobs are axed. …

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