The government predicts that by the end of next year we will have seen the worst of this economic downturn and in turn the recession. The average person is left to wonder, if this is solely the truth however. For example, the financial sector has continued to shed jobs at an alarming rate, with 20,000 jobs going in the first four months of 2009.
“The financial services industry must ensure that it protects its workforce in order to stand a chance of emerging from the current crisis,” stated Rob MacGregor of Unite. “Without these highly trained and experienced people there is no chance that the UK will be able to rebuild its reputation for a world class industry.”
Although it is true that this is a heavy loss to the financial sector, the uplift to the country’s economy will only come when people have more faith in the banking systems and when they start lending money to one another again. Without this, many foresee this difficult period will continue.
Unite have advised the financial industry consider the “long-term implications of their short-term cost-saving plans,” warning against “the herd mentality which has now griped the sector in the race to cut staff will simply damage the UK economy.”
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