Latest ONS Unemployment Figures show 2.45 Million People are out of work

In response to the figures the Chief Executive of the Recruitment and Employment Confederation (REC), Kevin Green, said that \”The ONS figures tally with our latest Report on Jobs which shows that the jobs market is starting to flatline with the growth in job placements at its slowest rate for a year. This \’deceleration\’ raises real concerns – especially in light of expected cuts in the public sector following the Chancellor\’s Comprehensive Spending Review next week. The focus must be on incentivising private sector employers to take on more staff and improving the support given to the worst hit groups, such as the near million young job-seekers.  Those currently out of work must explore every option, including temporary assignments which can provide a vital stepping stone into full employment. The REC\’s JobsOutlook data shows a marked increase in the number of employers looking to maintain or increase their use of flexible staffing. It is now more important than ever to ensure that complex new EU rules on agency work are implemented in a way that does not jeopardise these opportunities.\”

Lloyds Banking Group Job Losses

Lloyds Banking Group (formed by the acquisition of Halifax Bank of Scotland (HBOS) by Lloyds TSB in 2009) has announced that around 4,500 jobs will be lost across IT operations by 2012. The cutbacks include the loss of 1,600 permanent staff, 1,150 IT contractors and 1,750 overseas staff. The cutbacks are the result of plans to integrate and improve the efficiency of IT operations across merged banking operations. Job losses are likely to take place in London, Chester, Halifax and Edinburgh.

The news will come as yet another blow to those highly skilled IT contractors working in the banking sector, many of whom have seen opportunities reduce significantly since the beginning of the recession. It is likely that many lower level IT roles will be lost to outsourcing arrangements over the next couple of years as organisations (in particular banks) look to reduce operating costs by moving to lower cost areas such as India. Over the last few years many Indian outsourcing firms such as Tata have become world leaders in outsourcing.

Commonwealth Contractors

At Commonwealth Contractors we partner with OISC Registered Private Immigration Firms and Tier 2 Licensed Healthcare and IT Consultancies who may be prepared, where required, to sponsor an individual on a Tier 2 Visa (formerly UK Work Permit). If you are a highly skilled International professional and you would like to work in the UK Commonwealth Contractors can help. Our OISC Registered Partners specialise in Tier 1 General (formerly Highly Skilled Migrant Programme) visa applications and can assist those highly skilled individuals that either wish to apply or extend a Tier 1 General Visa.

For more Information call Commonwealth Contractors now on 0330 390 9021 or Submit your Details and we will get right back to you.