FT.com / Companies / Financials - Hays sees no end to ‘brutal job market’.
If you are 35 years old, have only ever worked in the City and have lost your job, then the chief executive of Britain’s biggest listed recruitment company has a grim message for you on the prospect of a recovery in financial sector employment: “Those jobs have gone and they’re not coming back any time soon.”
Alistair Cox said he had seen no indication green shoots have taken hold yet in the notoriously competitive City recruitment market. “It’s still a brutal job market in most countries in the world. There’s no clear sign we’re past the worst,” he told the Financial Times.
And this is the City - the only part of the economy now feeling good about itself.
And yet people are talking public service cuts - designed to destroy yet more jobs.
What sense does that make - unless you're as economically illiterate as the Taxpayer's Alliance?
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Richard, without jobs in the city (and resulting tax payments) just how are you going to pay for all those nice public service jobs? Unlike private sector jobs public sector ones (other than those in HMRC and a couple of other spots) do not generate government income. Because government services are paid for out of general taxation and govt borrowing we don’t pay for them when we use them.
Currently the UK is borrowing an enormous amount of money, mostly from domestic & foreign private institutions who may decide that they don’t want to lend any more without a clear plan for getting the UK’s budget deficit under control. If they don’t lend the money we can’t pay the salaries.
Well of course we can continue to pay the salaries. That is roughly speaking what Zimbabwe did – printing money which had nothing behind it. The result (as has also been seen in previous decades in Brazil, Israel, Argentina, Germany …) was hyperinflation.