- Tuesday's Heavy Dose of Data to Dictate 'Risk' Behavior
- Obama says Boosting US Jobs is Top Priority
- More Consumers Giving 'Black Friday' the Cold Shoulder
- Prepare For Large Decline In Stocks, Next Year?
- Appeals Court Denies Microsoft's Alcatel Petition
- HP Comes in As Expected; Is It Time to Buy?
- Cramer: What Monday’s Housing Number Really Means
- Why the Dollar Will Likely Stay Weak for Some Time
- Bear, Lehman Execs Weren't Wiped Out by Crisis: Study
- Can Murdoch Help Bing Challenge Google and Shift the Content Equation?
- HP's Mark Hurd
- HP Comes in As Expected; Is It Time to Buy?
- 9 Stocks That Play Rising Water Costs: Strategists
- Weis' Deal Likely Won't Change Big Money Contracts
- Gold Prices Can Double in 3 Years: Portfolio Manager
- Nov. 23: Unusual Volume Leaders
- Help Wanted—Please Run $4 Billion University
- Apple Comes to AT&T's Rescue
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Why Amazon Rules Retail
- HP Comes in As Expected; Is It Time to Buy?
- Paul: Audit the Fed
- Wave of Debt Payments Facing US Government
- JAL Slides to Record Low on Bankruptcy Jitters
- Prepare For Large Decline In Stocks, Next Year?
- The Social Media Gaming Threat
- Holiday Travel Outlook
- Gold Will Collapse Like Oil Did in 2008: Charts
Text Size 
The UK business services sector will lose more than half of the jobs it gained during the last five years by 2013, a report by the Centre for Economics and Business Research showed Monday.
The sector, which relies on the investment cycle, discretionary budgets and public sector spending, will lose 334,000 jobs from 2008 to 2013, according to the leading economics consultancy.
Public sector expenditure set for cutbacks from 2010 onwards will make the prospects for business services "necessarily diminish as well," the CEBR report explained.
"Steep drops in business investment, the collapse of the property market and construction industry, upcoming cuts in public sector spending as well as continued difficulty for firms to find capital imply difficult times ahead for this sector," Ben Read, a managing economist, at CEBR said.
Business services jobs increased by 616,000 from 2003 levels to 2008 levels and signaled that there will be 311,000 fewer business services jobs in 2013 compared to 2008, the report showed.
The sector reversed its initial strong performance in the UK economy, where it had contributed around a third of all new jobs created and 5 percent per year GDP growth since 1997.
The worst hit sector will be advertising, due to a prediction that there will be a continued trend of job cuts stemming from falling revenues in this area, the report said.
The Advertising Association showed revenues in 2008 were down by 3.9 percent year on year compared with a 4.6 per cent increase in 2007.
Other sectors include real estate activities, IT services, accountancy and audit and R&D services, according to the CEBR report.
Print
Email
- The show attracts a big TV audience every year, but this year it may take on even more importance.
- …you'll want to be prepared. Tips for getting the most out of the post-Thanksgiving shopping frenzy.
- Congressman Ron Paul explains to Squawk Box why he’s pushing legislation to audit the Federal Reserve.
- CNBC’s Phil LeBeau took a test drive of GM’s flagship electric car. Here’s what he thought of the Volt.
- The energy company Power Efficiency is building tools that regulate the power electric motors use.
- CNBC’s technology reporter Jim Goldman guides you through the best gadgets to buy this holiday season.
Data is a real-time snapshot *Data is delayed at least 15 minutes