More jobs go in stampede to India

Aug 11 2003 by Print This Article

In the latest blow for service and IT jobs in the UK, Reuters, the news and financial information provider, has announced that it is moving its core operation to India.

Just days ago, both Abbey National and Soldman Sachs announced similar plans.

This move will certainly involve redundancies at Reuters, and the BBC reports that the announcement is already hitting morale as some staff plan to jump before they are pushed.

The Reuters announcement is just the latest in a growing trend that some believe willl see result in the loss of two million jobs from Western Europe by 2008 and a similar number from the United States.

But while outsourcing may be an economic inevitability, we wonder what the potential political fall-out may be as four million educated, articulate and often well-paid individuals see their jobs sent offshore.

BBC News Online | Reuters to shift core unit to India