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Big rise in unemployment

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Big rise in unemployment

Postby Bruce Everiss » Thu 22 Jan 2009 8:08 am

Unemployment in Leamington and Warwick is up 42% on the year. ...

There have been headline redundancies at Jaguar Land Rover, Aston Martin and Thwaites.
But whole sectors of the economy are in big trouble and are shedding labour fast.
Much construction work has ground to a halt, sometimes with jobs part finished. The bursting of the housing bubble means there is no finance to pay for work whilst the general downturn in the economy vastly reduces the need for commercial building work. The only sector still spending is, as ever, the government, squandering taxpayers money.
The motor car industry was once a major employer in our area and whilst many big factories like Ryton and Browns Lane are now closed there are still a large number of smaller suppliers to the industry that are in trouble. AP Driveline in Leamington are just one of many such companies: ... 825960.stm
Retail is suffering a double whammy. Firstly it over expanded during the easy borrowing boom. Secondly a huge amount of retail spend has shifted to the internet and to companies like Amazon and Ocado. Already if you walk round Leamington you will see a lot of empty shops. Experian say that 15% of stores will be empty by the end of the year: ... I&refer=uk
Financial services are also in massive trouble. Admittedly most of the pain is in the south east of England. However the whole sector is shrinking rapidly which will lead to a big shakeout everywhere.

Britain is in a worse position than most other countries because of the unbelievably massive levels of personal and government debt and because far too many people are employed unproductively by the state. So we will be in deeper and longer trouble than most. Especially as the person largely responsible for getting us in this position is the same person trying to get us out of it. Gordon Brown. He is like an arsonist carrying buckets of water to the fire he has started.

So where does that leave Harbury? In big trouble. Harbury has two problems. Firstly it has higher housing costs than the surrounding area which means that there is a higher level of personal debt and a higher cost of servicing that debt. Secondly Harbury has far higher transport costs than the local towns. The level of car ownership is very high because most people commute to work and shop outside the village. Expect to see a lot more people using the bus in future. And as house prices continue to plummet there will be a lot of negative equity with houses being worth less than what is owed on them. House prices will go down a lot more this year and then will remain flat for many years so there will be no easy way out.
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Bruce Everiss
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