News Centre

Latest financial news - market news, credit card news, mortgage news.

Unemployment to rise as shops plot staff cuts


Unemployment to rise as shops plot staff cuts
Job losses are set to continue in the retail sector, due to the continuing economic malaise.

According to the Confederation of British Industry CBI, 49 per cent more retailers have cut staff, rather than keep numbers steady or increased them, over the past year.

This is the highest ratio measured by the business group since it began collecting the data in 1983.

Andy Clarke, chairman of the CBI distributive trades panel, said: "February was another tough month and sadly many retailers are cutting jobs as shoppers stay away and the recession deepens.

"But conditions were not quite as harsh as they were last month and in the run up to Christmas."

The CBI also found that 52 per cent of retailers experienced a decline in sales in January, putting further pressure on the firms to cut jobs in the future.

Unemployment stands at an 11-year high of 1.97 million, according to latest official figures.

Stock markets have declined to six-year lows, while the economy itself contracted by 1.5 per cent over the last quarter.ADNFCR-2088-ID-19044227-ADNFCR
Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2009-02-25 12:06:32 © Moneyextra.com

Issuer Monthly Payment Amount Typical APR (%) Rate Type Total Payable Next Steps

Car Loan
£200.99 7.9% Fixed £12,059.19 More Info
Low rate Car loan

Nectar Cardholder Personal Loan
£200.99 7.9% Fixed £12,059.19 More Info
Sainsbury's Loans - for shoppers with a Nectar Card

Semi-Exclusive Personal Loan
£201.43 8.0% Fixed £12,085.83 More Info
Apply Now For An Exclusive Rate and Instant Decision

Exclusive Personal Loan
£202.09 8.1% Fixed £12,125.56 More Info
Existing Bank Of Scotland Customers only

Exclusive Personal Loan
£202.09 8.1% Fixed £12,125.56 More Info
Existing Halifax Customers Only - Apply now for an Instant Decision
Motorists support tougher uninsured driver rules

Motorists support tougher uninsured driver rules

More than two-thirds of British drivers support plans to introduce a...

Read More...
Credit card satisfaction rates \'dip in Q3\'

Credit card satisfaction rates 'dip in Q3'

The National Customer Satisfaction Index NCSI-UK dropped slightly for...

Read More...
Test cases to clarify Consumer Credit Act

Test cases to clarify Consumer Credit Act

A number of test cases are to be held this month, clearing up a...

Read More...
Santander Cards wins prestigious industry award

Santander Cards wins prestigious industry award

Santander Cards has been voted Best Cards Provider in the 2009...

Read More...

Moneyextra.com is authorised and regulated by the Financial Services Authority (FSA FRN 488578). Moneyextra.com Ltd is registered in England no. 06553530. Registered office: Kingfisher Court, Plaxton Bridge Road, Woodmansey, Nr Beverley, HU17 0RT.