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SELL YOUR HOME QUICKLYJob losses due to current slump in market
Companies all over the UK are struggling as the property market continues to plunge. While the property crisis and interest hikes continue, companies are receiving fewer contracts for work, which means more firms have to retrench workers due to the lack of job orders.
According to Aboutproperty.co.uk, Barratt Developments, a UK developer of new houses and apartments, has recently announced that it is in discussions with its staff regarding the possibility of future retrenchments.
With a workforce reaching the high 6,000s, Barrat Developments is contemplating retrenching up to 1,200 members of staff as reported by the Telegraph.co.uk.
The cut in jobs comes as no surprise, as other well-known builders have taken similar measures in recent weeks.
The impact of the credit crunch has mostly affected the financial, construction and property sectors, but it seems that the manufacturing industry is also being influenced.
JCB, a manufacturer of construction equipment, is reportedly to cut jobs in Britain due to a decline in orders. The Times Online revealed that of the 5,700 employees in the UK branch, 500 were to be retrenched. Furthermore, it is expected that a “proportional number of positions” will also be made redundant.