New face for the High Street as Unemployment worsens
We hope you had a good Christmas and everyone at Insurance Blog hopes you fare better in the New Year!
But looking at the news and the statistical analysis, it looks like ‘Things can only get…..worse.
Yesterday the Chartered Institute for Personnel and Development predicted that unemployment will rise by 600,000 over the next year and with a further 400,000 temporary workers unable to find employment, by this time next year more than 2.8 million people will be officially unemployed. The CIPD predicts that the majority of the job losses will be before Easter, with 1600 people per day losing their job.
The future looks particularly bleak for the high street shops and the fall of Woolworths and their 27,000 employees on the dole, may look very small by Easter if the High Street manages to disappear at the rate it is shrinking – faster than the Polar Ice Caps. There will be an inevitable knock on effect for some High Street Insurance Brokers and the numbers are likely to shrink at the same rate as the rest of the retail market is collapsing!
If you work in retail we strongly recommend that you act quickly to take out income protection insurance. You will have to wait three months in order to claim as a matter of course, so act now! you can’t rely on state benefits to maintain your lifestyle through this economic crisis!
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