Job cuts set to fuel rise in problem debt
Job cuts set to fuel rise in problem debt
Tuesday 17th June 2008
According to the Confederation of British Industry (CBI), around 200,000 people will be laid off before the end of 2008 as a result of the slowdown in the economy.
Among the sectors set to hardest hit are construction workers, retail employees and waiting and bar staff, the CBI predicts.
CBI chief economic adviser Ian McCafferty said: "It is very much consumer-facing companies which are at the centre of the downturn."
The forecast from the CBI will add to the mood of gloom surrounding the direction of the UK economy and will further fuel predictions that millions could fall victim into problem debt this year as incomes fall and the cost of living increases due to higher energy and food prices.
The increasing pressure on finances is expected to result in a huge increase in the number of people seeking debt management solutions such as individual voluntary arrangements (IVAs).
Are you considering an IVA? We can help.
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