Burying Heads in the Sand
Here in the UK there appears to be a major shift in mentality as the country looks set to slide into a major slowdown. Far from accepting the reality of the situation, all sense of reality seems to have gone out of the window with both Alastair Darling and The Bank of England downplaying the effects of the banking crisis on the economy. As we have discovered on P45now job losses both here in the UK are threatening to reach epidemic proportions with banks, shops and the civil service all facing major cutbacks. Surely this institution is aware of a crisis looming? The latest news coming out of the North East, however, leads one to conclude that current policy among those with vested interests is to bury their head in the sand while all around people are losing theirs! We hear today that the North East Regional Development Agency is “upbeat over jobs”. This is despite 2,000 jobs going at Northern Rock contributing to a 7% cut in the region’s banking and insurance sector jobs and a strike over job cuts in the regions job centres. We then hear that there are 1,100 vacancies in the financial sector which should cater for about half the people who will be out of work this year. Rather than being kept in the dark by agencies more concerned with damaging reputations it’s high time they come clean about what’s really happening….