Blog: The end of the phoney recession
Olly Wehring | 17 December 2008
Job losses are mounting in the drinks industry.
This week in the UK alone, Coca-Cola GB, Scottish & Newcastle (Heineken) and Constellation Europe have all announced that they plan to shed staff. A-B InBev is likely to follow, once a review of its UK operations is complete.
There will be more. Indeed, the UK wine industry is struggling to stay afloat, amid the tidal waves of duty rises and discounting. Over in beer, sales have slumped and an average five pubs are closing every day.
UK unemployment is expected to rise sharply next year, negating a boost to spending power by the recent cuts to value added tax and interest rates.
The US is hardly faring much better, if not worse. A-B InBev is shedding 1,400 jobs, mostly from A-B's St Louis headquarters, while thousands of employees connected to the soft drinks industry are also staring redundancy squarely in the face.
The phoney recession is receding, propelling forward the grim reality that 2009 is, afterall, going to be painful for many.
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