Results tagged “banks”

THE CREDIT crisis could force the UK’s financial sector to shed at least 10,000 jobs in the next three months.

The Confederation of British Industry (CBI) predicts the country will dodge a full recession, but the squeeze in credit markets will force Wharf companies to trim their workforces. The forecast comes after UK firms reported another sharp drop in business from January to early March this year.

CBI chief economic adviser Ian McCafferty said: “It is clear that the credit crunch has worsened over the first three months of this year.

“We can expect further tough times in the financial sector, and as this feeds through into the wider economy it will inevitably be felt through slower economic growth this year and next.”