While the song and dance of mortgage blues and tainted paper certainly is not good for the United States, it is not good for other countries either. The true scale of the jobs disaster facing Britain is revealed today as experts issue dire warnings that up to half a million workers will lose their jobs over the next two years, as companies cut costs and scale back investment plans to survive the economic downturn. Karen Ward, chief UK economist at HSBC, calculates that almost a quarter of the workforce – seven million – are employed in the vulnerable retail and leisure industries. Many of those jobs will go away.
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