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20/04/2009
London 'to face more redundancies' this year |
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The credit crunch will cause thousands more City of London workers to lose their jobs this year, it has been predicted.
A report from the Centre for Economics and Business Research (CEBR) forecasted that the City will see 29,000 more posts shed in 2009 as the recession continues to hit the financial sector.
However, the body noted, one bright note is that this figure is lower than the 34,000 redundancies it tipped last October.
Senior CEBR economist Richard Snook was quoted by Bloomberg as stating: "There will be further serious job losses as a result of the credit crunch, but we expect this to be a one-off adjustment to the sector."
Those living in London and affected by redundancy issues may wish to seek legal advice on their situation, should they believe procedures have not been correctly followed.
Earlier this month, the British Chambers of Commerce predicted that unemployment across the UK will carry on rising to a peak of 3.2 million next year.
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