Predicted 20,000 city jobs to go this year

Eriedor said:
Surely it's quite natural for a country's economy to move from manufacturing industries to service and banking industries as the country gets richer, because as a whole manufacturing costs rise hence it is moved elsewhere.

How could we ever compete with the manufcaturing power of India or China? It's just a natural progression.
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People are sentimental that's why. We can do manufacturing but it has to be highly specialised and quality work rather than mass production to give us an edge over the far east.
 
Mad old tory said:
People are sentimental that's why. We can do manufacturing but it has to be highly specialised and quality work rather than mass production to give us an edge over the far east.
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I prefer the word honest to sentimental. Manufacturing is honest work i.e. you buy raw materials, process it to add value, sell the finished product. Easily understandable by all.

I'm not sure same can be said about a lot of the service industries.
 
Eriedor said:
Surely it's quite natural for a country's economy to move from manufacturing industries to service and banking industries as the country gets richer, because as a whole manufacturing costs rise hence it is moved elsewhere.
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Exactly what I think. You can't have it both ways - it's simple economics and globalisation. As a country gets richer, it's citizens desire and obtain a greater standard of living and minimum standards increase. This results in higher wages and higher standards.

Higher wages therefore means that mass production using unskilled labour becomes uneconomical and is moved to less developed nations instead.

I dont really understand why those who think its 'disgraceful' we dont much manufacturing any more cannot understand this? :confused:

The only way to retain manufacturing in a developed country like ours is through the use of protectionist taxation and tariffs on imported products.
 
[TW]Fox;11509510 said:
Exactly what I think. You can't have it both ways - it's simple economics and globalisation. As a country gets richer, it's citizens desire and obtain a greater standard of living and minimum standards increase. This results in higher wages and higher standards.

Higher wages therefore means that mass production using unskilled labour becomes uneconomical and is moved to less developed nations instead.

I dont really understand why those who think its 'disgraceful' we dont much manufacturing any more cannot understand this? :confused:

The only way to retain manufacturing in a developed country like ours is through the use of protectionist taxation and tariffs on imported products.
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People have that view because they see governments of the past as having conspired to destroy Britains traditional manufactering. Im not saying this view is right or wrong but the simple fact is the financial and services sector are responsible for the economic sucess of Britain in the last decade, and the high standard of living we all enjoy. Aside from niche and small/medium scale production, manufactering is not profitable in Britain.
 
>:|sh4d0w|:< said:
the simple fact is the financial and services sector are responsible for the economic sucess of Britain in the last decade, and the high standard of living we all enjoy.
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It is also responsible for the problems we are seeing now.
 
[TW]Fox;11509510 said:
Exactly what I think. You can't have it both ways - it's simple economics and globalisation. As a country gets richer, it's citizens desire and obtain a greater standard of living and minimum standards increase. This results in higher wages and higher standards.

Higher wages therefore means that mass production using unskilled labour becomes uneconomical and is moved to less developed nations instead.

I dont really understand why those who think its 'disgraceful' we dont much manufacturing any more cannot understand this? :confused:

The only way to retain manufacturing in a developed country like ours is through the use of protectionist taxation and tariffs on imported products.
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When all the manufacturing is gone who's money is the banks going to manage? Other than overseas money thats only here because of protectionist taxation and safety nets, given to some in the city.
 
chimaera said:
You do realise that for every investment banker there are thousands of support staff, admin, IT, caterers, cleaners.

You can't paint 9 million people with the same brush, i work in the City and don't have anything to do with the finance industry, yet you'd be quite happy for me lose my job because of some spite you've got against the banking industry.
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its about 300,000 people working in the City of London AFAIK - 9 million is more like the region as a whole
 
I think it quite naive when people laugh at City jobs going. Money from those jobs flows out from the centre to other support industries and then into all areas of the economy.
 
[TW]Fox;11509510 said:
Exactly what I think. You can't have it both ways - it's simple economics and globalisation. As a country gets richer, it's citizens desire and obtain a greater standard of living and minimum standards increase. This results in higher wages and higher standards.
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It also goes hand in hand with the educational system of the country.

When looking for offshore sites then cost base is one thing but the educational system has to be able to supply the work force in a certain time frame. In essence you're riding the lost cost, good level of education - too higher education and people will travel globally for the high salary jobs.
 
Hades said:
I think it quite naive when people laugh at City jobs going. Money from those jobs flows out from the centre to other support industries and then into all areas of the economy.
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Yep you cant laugh that the city has financed private equity firms to by up loads of companies and then the equity firms make loads of staff redundant in the quest to make more money. If that is what you call supporting other industries then you can keep it.

The ruthless money makers in the city have made their own bed and now they have got to lie in it. I couldnt care less to be honest especially when tax payers money is being used to prop it up after their screw up.
 
Bear said:
Yep you cant laugh that the city has financed private equity firms to by up loads of companies and then the equity firms make loads of staff redundant in the quest to make more money. If that is what you call supporting other industries then you can keep it.

The ruthless money makers in the city have made their own bed and now they have got to lie in it. I couldnt care less to be honest especially when tax payers money is being used to prop it up after their screw up.
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i'm sorry much of what is said here is ridiculously naive.

Yes PE firms have fired people, but if you read the studies you will find that they generally do actually make genuine gains... anyhow the days of cheap debt and huge tax shields are gone so they will have to continue to goto the fundamentals... Of course some people have become obscenely rich doing this, but they also took huge risks..

as for being happy for people being fired in the city, this is silly, since they are the backbone of the economy...
 
spirit said:
i'm sorry much of what is said here is ridiculously naive.

Yes PE firms have fired people, but if you read the studies you will find that they generally do actually make genuine gains... anyhow the days of cheap debt and huge tax shields are gone so they will have to continue to goto the fundamentals... Of course some people have become obscenely rich doing this, but they also took huge risks..

as for being happy for people being fired in the city, this is silly, since they are the backbone of the economy...
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So it is all ok for people to get laid off in the pursuit of every last penny but its not ok for people on the city to get laid off when it was of their own making ??

Of course private equity firms are making money thats the point of their existance. I just dont like the fact that to make that maximum profit they make loads of people redundant. I can agree with redundancies if the company is financially in trouble but not if the company is profitable but they want to squeeze out every last penny.

I would aslo like to point out that I didnt say I was happy they were losing their jobs, just that I couldnt care less, just like the city couldnt care less that people are losing their jobs in the pursuit of maximum profit.
 
Interesting points about jobs here, about companies looking to offload senior people.

I was at an interview yesterday for a big company (as i'm being made redundant in a month, but wanted to leave hehe), they said they are looking for someone to develop, as they have too many senior people who cost a bomb. They are willing to invest a lot in me as it works out a lot cheaper than paying for a 40yr olds BMW/wifes boob job.

However, i doubt all this news would effect my industry, it's one of the few that's will stay constant similar to construction.
 
Once I was a city dweller, Successful fella. Then I thought ops WTF am I doing I have enough money. Time to get out of this rat race. I was a professional cynic but my heart wasnt in it. It was eating me and I was getting thin.

Now I live in a big house, a very big house in the country watching afternoon repeats and the food I eat. I take all manner of pills and pile up analyst bills in the in the country. Lots of rule charm, like an animal farm in the country.
 
iBot said:
Once I was a city dweller, Successful fella. Then I thought ops WTF am I doing I have enough money. Time to get out of this rat race. I was a professional cynic but my heart wasnt in it. It was eating me and I was getting thin.

Now I live in a big house, a very big house in the country watching afternoon repeats and the food I eat. I take all manner of pills and pile up analyst bills in the in the country. Lots of rule charm, like an animal farm in the country.
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Best sung/shouted when drunk, tbh.
 
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