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March 4, 2009

ITV to Cut 600 Jobs

ITV Plc, the U.K.’s biggest commercial broadcaster, said it will cut a further 600 jobs and omit dividend payments after posting a 2.56 billion-pound ($3.6 billion) net loss for 2008 amid dropping advertising sales.

ITV, whose shows include “Britain’s Got Talent” and “X Factor,” is under pressure because advertisers are cutting budgets as the U.K. economy slumps. Broadcasters are also struggling to expand their Internet businesses to make up for a decline in traditional advertising. Ad revenue will probably fall 17 percent in the first quarter, ITV said today.

Source: Bloomberg

March 2, 2009

UK manufacturing could see 140,000 job cuts

UK manufacturing sector could see 140,000 job cuts in the year because of the economic downturn, the Engineering Employers Federation (EEF) said on Monday.

The engineering and manufacturing body, which surveyed 782 firms, forecast that manufacturing output would fall by 8.6% in 2009 and grow only 0.2% in 2009. Engineering output is set to shrink by 10.9% this year and rise by 0.9% next year.

Source ShareCast

February 12, 2009

U.K. Unemployment Hits 10-Year High

U.K. unemployment rose in January to the highest level in almost a decade, threatening to erode support for Prime Minister Gordon Brown as the recession deepens.

The number of people receiving jobless benefits climbed 73,800 to 1.23 million, the most since July 1999 and the 12th increase in succession, the Office for National Statistics said today in London.

Source: Bloomberg

January 19, 2009

UK unemployment to hit 3.4 million

Filed under: UK,unemployment — 7macaw @ 12:18 pm
Tags: ,

The next year will see the sharpest contraction in the UK economy since the Second World War, the Ernst & Young Item club has predicted.

In its quarterly report on the state of the economy Item also predicted that unemployment will rise to 3.25m by the end of 2010 and hit 3.4 million in 2011.

Source: Accountancy Age

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