The merger of HBOS and Lloyds TSB is likely to have a major impact on unemployment figures in the UK. The merger has been estimated to incur up to 40,000 job losses and 1,000 branch closures. As many families across the country struggle through these difficult economic times, it is a further blow to employees of HBOS and Lloyds whose job situation is potentially unstable. The job cuts are set to happen due to overlaps as the merger takes effect.
The news of these potential job losses comes following new figures that show unemployment levels to have reached a nine year high of 1.72 million in August this year. With an estimated further 40,000 job losses to add to this figure, it is questionable how many people will be left without jobs and struggling financially. The knock-on effect of further unemployment is further struggles with mortgage, loan and credit card repayments.
As the credit crunch threatens to tighten its grip even further, many people will experience difficulty in keeping up with debt payments. Debt-free provides free advice on how to consolidate and manage your finances despite the unstable economic climate.