Up to 300,000 workers will lose their jobs by 2011, pushing the number of people out of work close to 2m, a leading business group says today, The Times reports.
The British Chambers of Commerce, which becomes the first business group to forecast that Britain would fall into recession, predicts that the economic slump will force unemployment to soar by between 250,000 and 300,000 in the next two to three years, adding that total unemployment of more than 2m could not be ruled out. This would take unemployment to the same level as the year that Labour came to power. The BCC said there was a possibility that the economy would shrink during two quarters before next March, pushing the country into a technical recession. It cut its forecast for economi...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes