It is a bad news for some Microsoft employees. Five thousand Microsoft positions will be eliminated. Some of those jobs will be terminated immediately:
“Recession” is a word that politicians avoid using. However, Prime Minister Gordon Brown has addressed the recession issue directly and warned that Britain is in a severe economic downturn:
“…”The Governor of the Bank of England said last night that not since the first world war has the international banking system been so close to collapse and I agree with him,” said Mr Brown.
“Having taken action on the banking system, we must now take action on the global financial recession which is likely to cause recession in America, France, Italy, Germany, Japan and - because no country can insulate itself from it - Britain too.”
link: Brown warns of coming recession
The banking crisis has consequences and Britain is one of the first countries to admit the extent of the fallout. No country is immune, regardless of the level of national debt.
Catherine Forsythe
