As mentioned earlier, Britain is finally taking action to stave off a credit crisis and possible bankruptcy. Some are reporting that Britain will be firing 500,000 public sector employees.
For example, The Week reports:
David Cameron is laying off 500,000 government employees.
However, that will not be the case. As the Mail reports:
500,000 public sector jobs to go
1 in 10 public sector jobs to go as government gambles on private recovery
According to the story, this 10% reduction will take 4 or 5 years:
But they make clear that the Government has adopted the Office for Budget Responsibility’s forecast that 490,000 jobs in the public sector will go by 2014/15.
If the average public sector employee works for 40 years, 10 percent of them would retire within 4 years. In other words, the government will likely lay off very few people. Instead, the British government simply will not fill vacant positions.
This is great news, on the one hand, because the British are working to solve their financial problems and this job reduction it is quite easily achievable because it does not actually require firing many people. However, let us not be under the misapprehension that the British government is making a tough choice here. Do not believe the talk that half a million will be laid off. That is simply untrue.