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Spending cuts 'risk 1m UK jobs' | Spending cuts 'risk 1m UK jobs' |
(12 days later) | |
Almost one million jobs could be lost in the UK because of government cuts in public spending, a report suggests. | Almost one million jobs could be lost in the UK because of government cuts in public spending, a report suggests. |
Accountancy firm PwC said that about 500,000 of those job losses may be in the private sector due to the impact on firms supplying the public sector. | Accountancy firm PwC said that about 500,000 of those job losses may be in the private sector due to the impact on firms supplying the public sector. |
Business services and construction would be among the industries hardest hit, it added. | Business services and construction would be among the industries hardest hit, it added. |
The latest UK unemployment figures will be published later on Wednesday. | The latest UK unemployment figures will be published later on Wednesday. |
'Decisive plan' | 'Decisive plan' |
The PwC report put the total number of job losses arising form the public sector spending cuts - including knock-on effects in the private sector - at about 943,000. | The PwC report put the total number of job losses arising form the public sector spending cuts - including knock-on effects in the private sector - at about 943,000. |
And it said the output of private firms may fall by £46bn per year by 2014-15. | And it said the output of private firms may fall by £46bn per year by 2014-15. |
PwC chief economist John Hawksworth said the predicted levels of job losses would be a drag on the pace of the economic recovery "but should not derail it altogether". | PwC chief economist John Hawksworth said the predicted levels of job losses would be a drag on the pace of the economic recovery "but should not derail it altogether". |
He added that increased labour market flexibility - including people working fewer hours or for lower wages - may lead to fewer job losses. | He added that increased labour market flexibility - including people working fewer hours or for lower wages - may lead to fewer job losses. |
The report said that in absolute terms, the areas worst hit would be the south east of England, the north west and Scotland. | The report said that in absolute terms, the areas worst hit would be the south east of England, the north west and Scotland. |
But PwC added that in percentage terms, Northern Ireland would suffer most with one in every 20 jobs set to go. | But PwC added that in percentage terms, Northern Ireland would suffer most with one in every 20 jobs set to go. |
A Treasury spokesman said "a decisive plan" was needed to "reduce the UK's unprecedented deficit and restore confidence in the UK economy". | A Treasury spokesman said "a decisive plan" was needed to "reduce the UK's unprecedented deficit and restore confidence in the UK economy". |
"Not taking action to tackle this problem would put the economic recovery at risk," they added, saying this was a view shared by many organisations including the International Monetary Fund, the World Bank and the Bank of England. | "Not taking action to tackle this problem would put the economic recovery at risk," they added, saying this was a view shared by many organisations including the International Monetary Fund, the World Bank and the Bank of England. |