More than a million British workers will lose their jobs over the next two years, hitting the north and Midlands as badly as the south, according to Oxford Economics. They say the West Midlands, Wales and the north of England could take more than a decade to recover from job losses that are forecast to rival those in London. Fresh unemployment figures due to be published on Wednesday will show more than 2 million unemployed.
Last autumn policymakers were forecast a potential rebalancing of the economy, with more wealth generated from manufacturing and less from financial services, but industrial production is falling faster than at any time since 1981, while financial services have so far escaped lightly. Unemployment has risen fastest in the West Midlands, north of England and Wales.
Experian predicts declines in output this year of 4.3 per cent for London, 3.3 per cent for the north-east and 2.9 per cent for the West Midlands.