Budget to cost over a million jobs: Official
Double-dip recession feared
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Figures from the Treasury suggest the UK economy is likely to shrink by 1.3 million jobs.
The figures are a Treasury assessment of the impact of George Osborne's misery budget.
Civil servants expect to see between 500,000 and 600,000 jobs go in the public sector and redundancies of between 600,000 and 700,000 in the private sector by 2015.
The numbers come from a Treasury presentation on the Budget which was leaked to the Guardian.
One slide predicts losses of "100-120,000 public sector jobs and 120-140,000 private sector jobs assumed to be lost per annum for five years through cuts". The Treasury is betting on growth in the public private sector to offset this with growth of 2.5 million jobs in the next five years.
Osborne has predicted a fall in unemployment from 8.1 per cent this year to 6.1 per cent by 2015. But with markets still jumpy and lending to small and medium business still restricted the prospect of a double-dip recession seems a real possibility. ®
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COMMENTS
WTF?
"Try below inflation pay rises delivered up to a year late for the last 10 years before you whine about 'overpaid' Civil Servants."
You had a pay rise every year for 10 years? Even if it is a year late, that's 6 more pay rises than I have had in the last 10 years in the private sector, and those I had were inflation or below too.
Do you actually know anyone in the private sector?
stop talking shit
problem with the public sector is to much middle managemeny. you will find the lower rungs of the workforce are the ones to get laid off while all the managers continue like nothing happens. this will get rid of the people who do the work not the slackers
Apparently this is some surprise to you?
It was made very clear in the run up to the election that the worst of Labour's public service excesses would be cut through a job and pay freeze in the civil service. That lot, despite Brown's promises of prudence were wildly overspending in the boom years and we're saddled with a public service we can't afford and should never have allowed to grow to that extent in the first place.
Yes there will be a double dip recession - there was always going to be. Brown was printing money to get us out of it. To begin with it was definitely the right thing to do - lowering the value of the pound gave us a huge trading advantage over Europe and to an extent the US which their monetary systems are too inflexible to cope with. However it had to stop before we started to behave like Zimbabwe. If we'd lost our AAA credit status we'd have to start paying higher interest on the £167b public deficit, which would have landed us in a similar position to Greece and Spain.
It's payback time and it's a lot better than it could be.
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