State of the Market

[CoolCat]

But is there enough work out there for everyone who is currently on the bench?

I think not... so mathematically impossible for everyone who is currently looking to find a role, so the only alternative for some will be remain unemployed and eat through the war chest or find a temp job outside of the IT industry.

there would be enough work if they stopped issuing work visas to Indian nationals with skills already in oversupply

[dx4100]

there would be enough work if they stopped issuing work visas to Indian nationals with skills already in oversupply

Age old blame the immigrants mantra...

Tech boom and bust post Covid and the draining of resources within UK Plc during Covid are the two major factors why we are here today.

Look at Wilco... £100 million + in cash reserves before Covid and then they went under because they lost it all during Covid and didn't have the money to reform.

I would blame all the guys happy to sit at home during Covid rather than the guy from Mumbai.

[oliverson]

Milan just ordered himself a new fancy motor, in case you've been living in a cave the last month and hadn't heard him tell everyone. That should help.

Just paid the deposit on a second EV for the missus. Pick it up tomorrow. Doing my bit for the economy ;-)

[Snooky]

Just paid the deposit on a second EV for the missus. Pick it up tomorrow. Doing my bit for the economy ;-)

What on earth will she do with two EVs?

[quackhandle]

Look at Wilco... £100 million + in cash reserves before Covid and then they went under because they lost it all during Covid and didn't have the money to reform.

FWIW, The Wilko grandaughter is blaming it on Truss/Kwarzi's mini budget.

https://www.bbc.co.uk/news/business-67552360

qh

[oliverson]

What on earth will she do with two EVs?

She can leave mine alone!!

[oliverson]

FWIW, The Wilko grandaughter is blaming it on Truss/Kwarzi's mini budget.

https://www.bbc.co.uk/news/business-67552360

qh

"Wilko's former chief executive Mark Jackson, who was appointed during Christmas 2022, told MPs at the same hearing he believed that one of the reasons the company failed was because it stayed open during Covid.

The retailer had more than £100m in cash at the beginning of 2021. Wilko was grappling with a number of problems but Mr Jackson said that cash began to run down because it continued to pay workers and paid landlords in full.

"I would not have stayed open," he said. "I would have taken advantage and protected the business on the furlough scheme and the rents like 90% of other retailers."

Commenting on why Wilko continued to trade during Covid lockdowns, Ms Wilkinson said: "The history of Wilko is that it has always stayed open. It stayed open throughout World War Two.

"We were an essential retailer. We debated at great length as a board whether we should stay open."

A year later in January 2022, Wilko's cash levels had fallen to £57.8m and it reported a £38m pre-tax loss compared to a previous profit. The Wilkinson family also paid themselves a dividend of £3m"



DEFINITELY Truss's fault eh?

Liz Truss, the catch all for everybody's own **** ups.

[JustKeepSwimming]

https://www.bbc.co.uk/news/business-67558402

Barclays is cutting 900 UK jobs as it looks to reduce costs, the trade union Unite has said.

The union said the "disgraceful" move in the lead-up to Christmas would boost the bank's "massive profits".

Jobs will go across several back-office divisions, including compliance, finance, legal, policy, IT and risk, according to Unite.

This is pretty bad. These are core BAU roles.

Although rumour on the grapevine is they are about to get smacked with a big fine.

[dx4100]

FWIW, The Wilko grandaughter is blaming it on Truss/Kwarzi's mini budget.

https://www.bbc.co.uk/news/business-67552360

qh

"one of the factors"

[Fraidycat]

Barclays is cutting 900 UK jobs as it looks to reduce costs, the trade union Unite has said.
This is pretty bad. These are core BAU roles.
Although rumour on the grapevine is they are about to get smacked with a big fine.

Very worrying for 2024.

If we believe the theory it takes 12 to 18 months for the interest rate rises to work their way into the economy, currently as of November 2023 the economy is experiencing the effect of 2% interest rates (the rate from 15 months ago).

It wont be until this time next year that it finally starts to feel the effect of 5% interest rates. Max pain.