“Axe Wednesday” as it is now known, has caused further divide between the Labour Party and the coalition government led by David Cameron and Nick Clegg.

490,000 public sector workers will lose their jobs over the next four years, whilst the retirement age is now set to increase to 66.

Business leaders across the South-West of England and the UK are said to have reacted with caution to the Government trying to control spending in order to get interest rates to an all time low.

It has been said that if the economy continues to grow, then it should absorb these losses. No one knows the timescales and this will therefore mean continued uncertainty, particularly for people in the South-West of the country who continue to battle with job uncertainty.

One of the sectors that will be clearly impacted is the Ministry of Defence, which could absorb up to 32,000 job losses. Bristol and the South-West are major centres for the MoD, with multiple sites based in the region.

As critical as the position now stands in terms of further pending cuts to the public sector, the ultimate question is will the private sector be able to bridge the gap for these losses?

Accountancy jobs, Accoutancy, Axe Wednesday, coalition, David Cameron, economy, finance jobs, Labour party, Ministry of defence, Nick Clegg, Public Sector