THE OBSERVER: Downing Street's desperate efforts to shore up the economy in the face of the escalating credit crash may not be enough to rescue the transport, building and car industries, as a tidal wave of job losses are predicted in the coming months
More than a million Britons will be out of work and on the dole by next month as the toxic fallout from Black October filters down to ordinary families, economists are warning.
A bleak Christmas lies ahead for many as the City turmoil spreads into the so-called real economy. Companies are now being squeezed on two vital fronts, with shoppers abandoning the high street and bank lending drying up, making it almost impossible for smaller businesses to get credit to stay afloat.
Geoff Hoon, the new Transport Secretary, yesterday warned that there were 'potentially serious consequences for small business, for employment' from the current crisis, reflecting private warnings to the Prime Minister's new economic 'war cabinet' that job losses and business collapses later this year are now virtually inevitable. Two Million Britons on the Dole by Christmas >>> Tim Webb, Gaby Hinsliff and Lisa Bachelor | Sunday October 12, 2008
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