Recession in the UK

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The future looks bleak in the UK I.T job market due to this current recession.

Financial forecasts suggest / 'predict' that it will last for 2 years until end of 2010. Anyone got any other opinions out there? Seems like we are in a similar situation as to the late 80's / early 90's recession. I was a baby then so dont know much.

I have noticed a decline in the jobs advertised on sites such as CWJobs since feb of this year. This was when I got my first and current job; and I have liked to monitor whats 'out there' so to speak since then, checking the job boards every now and then...

as they say... Things only get worse... until they get better.

Anyone out there struggling to find a job / change jobs / break into I.T?

FatP

 

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I think most of the job market is under threat at the minute and if your in a job your best staying where you are untill this reccesion blows over or atleast starts to recover.

 

What does the word 'recession' actually mean to you as it is used all the time without most people having a danged clue!

A recession is the change in GDP (Gross Domestic Product) simply put we have four quartes in a year. Lets say that in Q1 GDP was 10% then in Q2 9% and then Q3 8.5% we are in a recession but the economy is still growing.

So the word recession means two period of slower GDP than the orginal first quarter.

However, the markets are not driven by fact purley by speculation and people get scared and worried when they here the word recession and it normally makes things worse.

**Rant off**

 

for me, a period of slow growth.

 

what he said

 

We've been in a recession here for a year already - irrespective of what 'official' figures might say. This recession will be much, much worse than the eighties - on a par with the one we had in the seventies if not worse. Compounding the problem will be the fact that all of our manufacturing and production jobs have disappeared offshore in the past twenty five years due to policies that let corporations get away with murder (thanks for that Maggie) - meaning unemployment will rise to a ridiculous level in the next two years - I reckon about 3.5-4 million by 2010.

Sadly for our newer recruits to IT, now is not the best time to be getting into the industry, to say the least. I also think people like me (lots of experience, slightly higher salary than most) will be up **** creek next year too when budgets are trimmed (why have someone like me on the payroll when you can pay some pillock six grand a year less and just cross your fingers & hope you don't ever need anyone with 'real' skills & experience?)

Ah well, never mind - sooner or later we'll ALL get the pump as our jobs will be outsourced to Addis Abeba where corporations can get away with paying the staff in grains of rice, eking out another 0.3% rise in the share price.

 

For me, I don't find much on cwjobs and can say I've not noticed any reduction from other jobsites.

Several, in fact, have sent thru' newsletters in the last few days pointing out how boyant the IT sector is.

I think it depends on what bit of it you're in (programming, infrastructure etc) and location (London/SE always seesm to have a lot of jobs).

From an economics viewpoint I would understand that development projects might reign in whilst they are put on hold but maintaining a network still has to be done (assuming the companies don't go bust) and the web side of things may actually increase as companies look to other ways and more cost effective ways to get products/services to market.

 

Well the company I work for supplies Support Services to TWO of the biggest IVA companies in the Game, along with a leading building contractor for the government.

So my job is pretty safe . . . . well, I hope so.

It's all bull**** anyway, Zeroes that have appeared out of IOU's.

Truth is, there is simply not enough money in Britain and the US to pay off the debt.

Remember, both the US and the UK governments borrow the money from the Fed and the BOE respectivly, them privately help banks print the money, lend it to the government plus interest. They however, DO NOT print the money to cover the interest.

In short

I lend £10 to you, we agree that you will pay 20% interest meaning the total payable is £12 however as that £10 pound is the only money you have, you cannot afford to pay the interest on top of it. So you go bankrupt. Bankruptcies are built into the Monterey system.

 

The economy does not grow during a recession that's the problem.

If there are two consecutive quarters of decline in economic activity as measured by a decrease in GDP, the economy is said to be in a recession. During a recession, prices fall, consumers don't buy as many products (especially high-priced items), unemployment goes up and businesses begin to fail.

Example: If there is economic growth this year, more goods and services have been produced this year than last year.

 

...which is not the actual definition of the economic term, "recession". Use it correctly, or use another term to describe what you mean. For instance, you COULD say, "The economy is slowing".

 

yep - will do - when i become an economist.

 

The job scene near where I live is pretty much the same, seems wakefield in particular have lots of roles going as im sick of recruiters ringing me regarding jobs there.

 

Fine - you can remain an ignorist and use incorrect terminology, if you want. Doesn't matter to me, man!

 

Two years!? That is an awful long time. Would it be naive of me to assume that now is the best time to buy a new car as prices have fallen?

 

The job shift in these times is moving avay from permanant positions and into contract.
Companies are happy to offer a little more money at present, through contracts, to reduce the risk of large redundancy payouts. To get work today requires a little fleiability and alot of job hunting, but there are still good jobs out there.

 

Another upbeat report emailed from a recruiter :

http://newsweaver.co.uk/matchtech/e_000309762000062345.cfm?x=bdFmDST,bbTjdKW0

 

He seems happy,
but I wonder how old his viewpoint is.

 

I have seen a reduction of entry level jobs over the last 3 moths.

The UK is stopping people from non EU countries coming in taking IT jobs which will help.

The demand for highend IT skills is still healthy and if these are a continuing need,companies will have no option but to take on people new to the industry and train them.

Overall i think most industries will be effected in terms of jobs when these things happen there is a ripple effect that goes through all industries eventually. Its even the same with recovery.

I have seen entire IT companies wiped out overnight in the dot com bubble era , those industries recovered but not without casualties. At the moment I haven't seen anything like that happen in the IT industry which is a good sign.

Saying that a friend of mine runs a top IT recruitment company and they have had to take on work in accountancy and office admin recruitment.

The question is how long it will take to recover at the bottom.

 

Yes prices will be lower than they were, same with the housing market. The only trouble people will have is being able to secure a loan/motgage from a bank to finance such a purchase.

 

It is times like these that the rich will get richer.
If you have a 40% deposit for a house with rates are low and dropping, it is a good time to start looking.
If you have little/no deposit, well your'e stuffed! You will have to watch the house market begin to recover then maybe banks will begin to offer loans for small deposits. But you will end up paying 10-20% more than you could have got it for!

Mind you I welcome, although very late reducing interest rates.
They should have done that about a year ago to avoid this mess in the first place!