Nearly 50% of jobs at Peacocks HQ in Cardiff have been axed since Tuesday 18th January when Administrators, KMPG, were called in to deal with the struggling clothes retailer. They have announced that 249 redundancies have taken place leaving only 266 staff at the Head office. All stores remain open and will continue to ‘operate as normal’ while the search for a buyer continues in earnest.
Two such headlines in the news on the same day make for depressing reading! “Youth” unemployment has risen above a million for the first time and the total out of work increased by 129,000 to 2.62 million in the three months to 30th September – the highest total since 1996. Female unemployment is at its highest for 23 years. The Opposition blamed the Government and the Government blamed the Euro zone crisis!
The Bank of England has cut its growth predictions for 2011 & 2012 to about 1%. Sir Mervyn believes “activity could be broadly flat until the middle of “. CPI inflation has fallen from 5.2% in September to 5% last month. City analysts now believe interest rates will remain at 0.5% into 2013.