The British Prime Minister, Gordon Brown has launched a crisis job package, as an attempt possibly to lead other countries by example, and lower the irritation of the public and opposition members.
An emergency summit has been held involving cabinet members, key business leaders and executives, as well as trade unions to brainstorm new ideas to face the bleak economy.
The most important thing at the moment is, to generate adequate initiatives for companies to continue hiring people, albeit at slower pace.
As a start, the British government is preparing to provide special funds to companies willing to hire apprentices to work in their organizations. Business owners and entrepreneurs who jumped into the ‘green’ business bandwagon will also get attention in terms of financial assistance.
Major car makers are facing uncertainties and the government is willing to loan out money, on case to case basis, to avoid them plunging into bankruptcy. The Bank of England in October reduced its interest into a record low, from 5% to 2% and in the next 1 or two months, the rate may be reduced further to 1.5%, which will be the lowest rate ever since the Bank was established more than 300 years ago.
More and more people continue to lose their jobs in the United Kingdom as companies are busy downsizing and restructuring their organization, with the trend sets to continue for the year 2009. The number of unemployed people in the country is estimated to exceed 1 million this year.
Analysts believe that at one point, 1 in every 10 workers will be laid off if no solid actions are taken to remedy the situation.