Wholesale public service job cuts ruled out

Wholesale public service job cuts ruled out

The Government said it was considering "appropriate measures" to prevent another round of mass redundancies.

"We will be looking at what measures we can take to try and stop this," a spokesman said.

A number of retailers are also likely to be hit, including H&M, Kmart and Carphone Warehouse.

The Office of National Statistics (ONS), which is also responsible for looking at companies' profits, found that the UK's retail sector had "stalled markedly" in the second half of the year.

"There are a number of factors contributing to this, including the effect of a falling pound on sales, increasing unemployment and poor consumer spending growth," said Prof Bob Kerslake of the Centre for Economic Performance in London.

"A key driver of retail margins has been to reduce costs while driving up margins at manufacturers by charging for more goods at higher prices. Retailers, particularly those that provide free or low prices for consumers, could experience a fall in profits and a decline in employee levels.

Image copyright Reuters Image caption The pound fell to a four-year low against the dollar on Thursday morning

"The effect could be felt in some sectors. In recent years there have been a number of UK retailers that have fallen into the negative range – they have shown declining margins and shrinking customer bases."

"It is clear that some firms are already reducing hours. Some have already ann마사지 가격ou세종출장안마 세종안마nced plans for reduced customer base expansion. And a number of small independent retaile우리카지노rs have also been cutting hours, particularly those in urban areas such as Birmingham."

The ONS has also said it could no longer count on the UK Government for a "low credit rating". The rating was downgraded from A2 to A1.

There have been other recent falls of the pound, with the value of sterling dropping by 3.3% against the dollar last year, following a dramatic fall in the value of the pound following the Brexit vote.