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14 June 2010
The euphoria over news that the manufacturing sector has begun growing again has been dampened by fears that Britain may be in for a “jobless recovery”.
The Press Association quoted Kevin Green, the chief executive if the Recruitment and Employment Confederation (REC) as saying that, "With fewer opportunities in the public sector and jobs growth in the private sector improving only very slowly, predictions of a jobless recovery are looking more likely.”
The Daily Telegraph discusses the dismal employment prospect quoting statistics.
No one can say they were unprepared. After all, it was only on Monday that Prime Minister David Cameron warned Britons of the times of austerity ahead by saying that the impending cuts in public spending would “affect our economy, our society – indeed our whole way of life” hitting “every single person in our country”.
The spending cuts would affect a lot of businesses which are already ailing. No one who predicted an increase in distressed assets in the UK market would have dreamed the scale to which they would mount, creating more and more opportunities for distressed asset investors.
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