Back to listing

17/08/2011

One in Five Public Sector Workers Fear Redundancy

The fear of redundancy among the public is twice as high as this time last year, according to the insolvency trade body, R3’s latest Personal Debt Snapshot.

The report reveals twice the number of people in the public sector fear redundancy compared to private sector workers, with 20% of public sector workers raising their concerns, compared to 9% of private sector workers.

Frances Coulson said:

“Employees in the public sector are clearly wary that more job losses are yet to be announced and the full force of public sector cuts is still to be felt. We know that unplanned changes of circumstance, such as job loss, are key triggers of insolvency.

“Today’s unemployment figures reveal a soaring rise in unemployment, suggesting that it is unlikely the private sector will be able to swallow a raft of public sector redundancies.

“With around six million people employed in the public sector in the UK, significant redundancies could result in increased insolvency levels. The report reveals more people have started saving and paying off their debts, so these reserves should serve them well if they do face a period of unemployment. Those struggling with debt should seek financial advice rather than dealing with the distress on their own.”

 

ENDS

For further information please contact:
Charlotte Towerton, R3 External Communications Officer
t: 020 7566 4203 m: 07918 161 291 e: charlotte.towerton@r3.org.uk


Methodology note:
ComRes interviewed 2047 GB adults online between 22nd and 24th July 2011. Data were weighted to be representative demographically of all GB adults. Where population figures are mentioned, estimates have been extrapolated using the percentages from the results and adult population figures for Great Britain available from the Office of National Statistics.


R3 Press Office

Notes to editors:

  • R3 is the trade body for Insolvency Professionals and represents the UK’s Insolvency Practitioners.

  • R3 comments on a wide variety of personal and corporate insolvency issues. Contact the press office, or see www.r3.org.uk for further information.

  • R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by recognised professional bodies
     
  • R3 stands for 'Rescue, Recovery, and Renewal' and is also known as the Association of Business Recovery Professionals.