The global economic slowdown continued to bare its teeth
last week as major corporates announced large numbers of jobs cuts.
British Airways said 1,800 jobs would go with more
redundancies to follow next year because of the downturn. In the IT sector the
merger between Hewlett-Packard and Compaq Computers led to a reported 15,000
job losses from the global workforce of 145,000.
And at Marconi a further 2,000 jobs are to go as the company
announced the resignation of its chairman and chief executive.
The CIPD’s chief economist John Philpott said, "It has
clearly been a bad news week but what is not clear is whether there is still
more bad news to come. These job cuts are still explained by problems in