Jobs could go in financial services
Wed 2 Jul 2008
30/06/2008
Jobs could go in financial services, new research by PricewaterhouseCoopers and the Confederation of British Industry (CBI) has suggested. It found profitability is falling at its fastest for at least 19 years and revealed close to half of all firms have reported falling profits. "Profitability in the sector is being badly hit so firms are trying hard to trim costs by planning to cut back on training and marketing for the first time in a number of years," said CBI chief economic advisor, Ian McCafferty. "The problems of the financial sector will echo throughout the wider economy and will drag economic growth down this year and next." The CBI said it expects a further 10,000 jobs to go across Britain during the next quarter. It was forced to lower its forecast for GDP growth in 2009 to 1.3 per cent and predicted the chancellor will need to write further letters to explain the country's rising inflation rate.
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