Private wealth in the north-west 'among the worst hit'

Individuals with private wealth in the north-west may be some of the worst affected by public sector job cuts, as Manchester and Liverpool stand to lose almost 8,000 posts each.

Local Futures has developed a ’barometer’ of government employment cuts, which shows concentrations of job losses in cities that may have a negative impact on private wealth in those regions.

The data reveals more than one-in-five UK workers were engaged directly by the public sector over the last ten years, with the north-west having the second-highest number outside London.

Private wealth and personal savings may suffer, either because an individual or member of their family has lost their job, or because reduced means in the wider population has a negative effect on the profitability of local business.

David Blunkett, Labour MP for Brightside and Hillsborough told the Star: ’The coalition must answer for every family whose breadwinner loses their job - and for the lost taxes and National Insurance which will be replaced instead by redundancy and welfare benefit payouts.’ADNFCR-2318-ID-19898449-ADNFCR