Job losses set to compound Brits' debt woes
Job losses set to compound Brits' debt woes
Tuesday 24th June 2008
Business leaders polled by the Hay Group and the Centre for Economic and Business Research predict that the credit crunch will continue to hit the performance of companies until 2010.
Russell Hobby, Hay Group executive, said: "Business leaders see tough times ahead with falling profits eroded further by rising inflation in the short term.
"Though the economy looks set to avoid recession, UK plc is facing a long, slow climb out of the current dip."
News of the impending wave of redundancies comes as Britons are already struggling with higher repayments on mortgages and double-digit increases to gas and electricity tariffs.
Financial experts predict that the squeeze on household finances could give rise to a glut of repossessions this year as well as a rise in the number of people turning to debt management solutions such as individual voluntary arrangements (IVAs).
Are you considering an IVA? We can help.
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