British business services sector may lose over 300 thousand jobs

Over 334,000 jobs will be axed across the business services sector by 2011 – the Centre for Economics and Business Research (CEBR) warned.

The study conducted by CEBR suggests that the credit crunch and recession will result in more than half of the jobs that were created in the sector during the past five years will be eliminated in the next three years. The prediction is in stark contrast to the 20% increase in employment and the 15% increase in output experienced by the sector between 2003 and 2008.  According to the CEBR, the industry worst hit will be advertising with around 15,000 jobs being axed in the period after experiencing falls in revenue of 3.9% last year.