Thousands made Redundant in the City!

An acquaintance of mine (with professional qualifications) has just told me she has a friend who works in the City (London), and that thousands have been laid off work in the last few days. I'm not going to say how many thousands - it sounds like it just can't be accurate, and people will just laugh, frankly.

I put this information out purely to indicate that something is going on. I haven't heard this in the MSM, but perhaps someone has some additional information.

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I just did a quick search and found this old article:

www.forbes.com...

OK. If that article can talk about 40,000 I'll quote the figure I've just heard:

80,000

Never more so true than now about "America sneezing."

Anyone have a clue what happens to laid off people in the UK?

We know here in the US you get unemplyment for a limited amount of months, that is no where near a liveable wage, lose your health insurance, (unless you chose to pay for it yourself on Cobra which costs more than you bring in on unemployment) and are not qualified for any other assistance, but even if you were, the funds have run out.

as an american, there just seems to be alot of our own people bringing this country down. amazing how people of wealth have such a disgust for peace, freedom, and equality. it's like being forced to live with spoiled 2-year olds who never grow up, for the rest of your life. isn't this sort of like how the british empire lost its luster in the 19th century.

reply to post by Relentless


As long as you are an EU citizen and you have been employed for 6 months+ you get unemployment benefit. If you've worked for less than 6 months you get another benefit of a similar amount. It is enough to 'survive', in theory, but nowhere near enough to pay even a significant percentage of a typical mortgage. (If you rent you get benefits to help with that after 9 months, I believe.)

You never lose entitlement to health care, no matter what.

Mass unemployment hasn't been seen for decades. Who knows what the reverberations might be?

I saw the news toady when they were showing the police confrontation the crowd, it wasn't pretty.

I guess US can not ask the UK for some bail out money as that is the only way the US will be able to afford the money.

I guess UK banks may need the funds to bail themselves out.

[edit on 11-10-2008 by marg6043]

Mass unemployment hasn't been seen for decades. Who knows what the reverberations might be?

I'd say at least a 50% reduction in house prices, for a start, but the way things are looking could even be 70% lower than last years peak.

No bad thing IMO as that particular ridiculous asset bubble has been a contributary factor in causing all this mess.

Aye good luck getting any money from us in the UK. Last time I checked the news our bailout plan was at 500 MILLION POUNDS. Now, that is not entirely far off 1000 million dollars.


Plus with the filure of an Icelandic bank, containing millions and millions of pounds, including many company wages. Job losses are only going to rise.

Originally posted by Relentless
Anyone have a clue what happens to laid off people in the UK?

We know here in the US you get unemplyment for a limited amount of months, that is no where near a liveable wage, lose your health insurance, (unless you chose to pay for it yourself on Cobra which costs more than you bring in on unemployment) and are not qualified for any other assistance, but even if you were, the funds have run out.

a smallish amount of unemployment money thats about £60 a week that you get paid every 2 weeks, you have to occasionally show your making an effort to find a job and if you go long term unemployed (6+ months)they send you on training courses to help you get a job

we have one of those evil socialist healthcare systems where everyone gets a relativley decent standard of healthcare(we will admit it could be better but it could be a whole lot worse) so no worries there

if your renting then you get your rent covered, not sure how it works on mortguages think they freeze the intreset and help with the payments