More than 20,000 jobs will be lost in the UK if companies carry out restructuring plans announced over the past few months, a report has warned.
Announcements made in the last three months of 2004 would lead to thousands of job cuts in British industry this year, according to a group that monitors restructuring.
Worst-hit would be the chemicals, financial services and transport sectors, the European Restructuring Monitor (ERM) predicted.
"Relocation of jobs to low-cost labour markets outside the EU is a big threat to certain UK industries and areas, in particular the financial and insurance sectors," said Willy Buschak, of the European Foundation for the Improvement for Living and Working Conditions, responding to the report.
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