A job will be lost every 25 seconds in recession
About 320,000 jobs look set to be lost in the next 3 months as the recession hits home, experts warn.
If the cull continues at the same rate for the rest of the year unemployment will hit 3.06 million - equating to a job lost every 25 seconds.
The cuts will come from all sectors of business, from services to manufacturing, and among both large and small firms, business adviser BDO Stoy Hayward predicts. 'Business are taking swift and decisive action to tackle the challenges of the recession,' its report says.
The jobless total in Britain now stands at 1.97 million.
Despite the cull, part-time workers by 33,000 in the three months to December last year, BDO Stoy Hayward's report adds. In a glimmer of hope, the report indicates its optimism index, which predicts business confidence for the next two quarters, rose slightly in February compared with January.
In a separate report, the Engineering Employers' Federation warns that more than 140,000 manufacturing posts will be lost this year.
It predicts the sector will shrink by 8.6% this year, the worst decline since the recession of the 1980s.
The British Retail Consortium also predicts a bleak picture for the high street, estimating 140,000 premises will be empty by the end of the year.
It wants lower rents and a freeze on business rates. Business director Jane Milne said: 'Urgent action is needed. Boarded-up shops help no one.'
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