Crunch to see 40,000 banking and insurance jobs cut

  • Story by: Gemma Westacott
  • Magazine: FTAdviser
  • Published Friday , May 09, 2008

As many as 40,000 jobs within the UK banking and insurance sectors could be lost over the next three years, according to new figures compiled by Experian.

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The credit checking company claims that the majority of the job losses will likely impact on London, with 19,000 jobs expected to be shed within Greater London by 2011 - 10,000 of which will from firms located within the City.

However, the latest Regional Planning report by Experian did indicate that the credit crunch would have one positive impact, in narrowing the regional economic divide between the North and South.

The report claims that next year the North/South growth division will disappear for the first time since 2002, chiefly because of the abrupt London slowdown.

Experian predicts that the South will pull ahead again, but not to the same extent as in recent years.

William Thomson, director of international economics at Experian, said that UK gross domestic profit (GDP) growth was forecast to slow to 1.8 per cent in 2008 and 1.5 per cent in 2009, leading to a halt in job creation.

He continued that UK employment levels would fall next year for the first time since 1992.



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