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Document reveals 1.3 million jobs will be lost following budget

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by Kay Mitchell

Last week’s tough budget is expected to result in the loss of more than one million jobs by 2015, according to a leaked Treasury document.

The Guardian has reported that while there will be an estimated 2.5 million jobs created in the next five years, 1.2 million will be lost in the same period.

Last week, Chancellor George Osborne unveiled tough austerity measures to deal with Britain’s record deficit of £155 billion.

Thirty-nine-year-old Osborne has pledged to wipe out the deficit within five years.

However, an extract from the leaked document said: “100-120,000 public sector jobs and 120-140,000 private sector jobs assumed to be lost per annum for five years through cuts.”

Many experts raised doubt on the private sector’s ability to create so many jobs in such a difficult economic climate, suggesting the true gain in employment could be yet more modest.

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Story link: Document reveals 1.3 million jobs will be lost following budget

News posted: June 30, 2010

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