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A total of 1.6 million jobs will be lost as a result of the comprehensive spending review (CSR) recently announced by chancellor George Osborne, it has been warned.
According to the Chartered Institute of Personnel and Development (CIPD), the employment cuts will occur across the UK economy by 2015-16 and will affect individuals working in the private sector hardest.
Dr John Philpott, chief economic adviser at the organisation, said the coalition's estimate of 490,000 job losses occurring because of the CSR represents a shortfall based on what the body had been told by managers in the public sector.
The CIPD expects approximately 725,000 public sector employment opportunities to be gone by 2015-16, with an extra 650,000 posts being cut in the private sector, he added.
Dr Philpott stated there will be another 250,000 work placements abolished due to the rise in the rate of VAT to 20 per cent.
Brendan Barber, general secretary of the Trades Union Congress, recently noted the CSR will lead to a cut in living standards for working families, rather than targeting those who choose to remain out of employment.
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