Factories need govt help

Mon 1 Dec 2008

UK factories need government help to survive the deepening recession, the Engineering Employers Federation (EEF) has said.

The organisation also warned 90,000 more jobs could be in danger should conditions not improve.

Chief economist Stephen Radley said the government should "look at some form of state guarantee for lending, and access for credit insurance".

"We are getting to the stage where we have to look at more radical forms of action," he warned.

Research for the EFF predicted the industry would go into a serious recession, which would result in job losses and tough trading conditions.

"What marks this downturn out from others is the alarming rate at which conditions have deteriorated through the autumn due to the problems in the financial markets," Mr Radley continued.

Job losses are expected to increase during a period of recession, although there are also new positions made available by workers who have retired.


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