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Forecasts out today are predicting dark days ahead for London’s banking and financial services sector. It is estimated that upwards of 10,000-11,000 jobs will be lost by employees of banks, building societies and insurance companies.

This comes as a direct result of the invasive and infectious credit crunch that is seeping around the world. And while it is always devastating to watch another live through the pain and misery that financial misfortune can bring, least we not forget that it was banking ineptitude and banking greed which precipitated this crisis. That only makes it ironic, not right.

Many of the masses to be culled from their financial services jobs will fall on hard times. Managers, bosses and entry level employees may find that this separation from employment leads to new lives, new directions and new careers outside of the financial services sector. If it does, will someone please open a bunch of Taco Bell’s in England. Why the hell are there no Taco Bell fast food places?

For those that are lucky enough to find new employment in this worst financial crisis since the Second World War in the U.K., we can only hope that they can fight for new compassion for debtors in trouble, having lived through the uncertainty themselves.

Impacts Economic Growth for UK Consumers

Along with job cuts caused by a steep reductions in financial service profits comes more news of higher borrowing costs for those that want to make improvements or investments in their business. With business credit noosing up this will strangle economic growth in most areas.

Only time will tell if the U.K. will avoid the worst of this bank created financial infection but with consumers fat on debt, housing values stagnant, job growth stunted and inflation rising, it’s not the best combination of ingredients for prosperity.

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Steve

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