UK Job Losses Keep Coming Despite Government Rescue Measures to Stem Unemployment

Almost 3,000 British job losses were announced recently by Barclays bank, car maker Jaguar Land Rover and music retailer Savvy, dealing a blow to government efforts to stem rising unemployment and support businesses as Britain heads deeper into recession. Job cuts across all industries are being announced daily, with one industry group predicting losses as a result of the global financial crisis will reach one million some time in 2010. Barclays PLC was the latest major banking institution to announce big layoffs, revealing recently it plans to cut 2,100 jobs in its retail and commercial banking units, adding to redundancies of the same size in its investment banking arms announced recently. While many of the initial job cuts came in the financial services industry, redundancies are now rolling in from sectors across the economy. The retail sector has been pushed to the front line as consumers, worried about how far the economy still has to sink, curtail spending. Music and entertainment retailer Savvy, one of the many companies to file for bankruptcy protection in recent months, said recently it plans to close another 18 stores and cut 353 jobs, bringing its total so far to 731. The impact on the car manufacturing industry was underscored by an announcement from Jaguar Land Rover saying it would cut 450 jobs, including 300 managers.