Up to 40,000 banking and insurance jobs cut due to crunch

Fri, 16 May 2008

Over the next three years, the UK banking and insurance sectors could see as many as 40,000 job losses.

According to Experian, a credit checking company, most of the jobs lost are likely to impact on London . There are 19,000 jobs expected to be cut within Greater London by 2011 and 10,000 of these will be from firms that are located within the City.

The latest Regional Planning report by Experian did however indicate that the credit crunch will have one positive impact and that will be in diminishing the regional economic divide between the North and South.

The report suggests that next year, for the first time since 2002, the North/South divide will disappear mainly because of the abrupt slowdown in London. Experian has predicted that the South will pull ahead once more, but it will not be to the same extent as in recent years.
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