ADVERTISING cutbacks are producing an enormous crisis in the media, which depends on advertising. Before 11 September ITV advertising 'showed its worst downturn for half a century', reports the Financial Times. 'The outlook now looks much worse, with some television executives expecting a 30 percent fall in revenues.'
Carlton has already announced job cuts to prop up its share price. Workers in publishing reveal magazine and newspaper sales of advertising space are in freefall, forcing some publications to axe over half their pages. That translates into a haemorrhaging of jobs across the industry.
Many of those job cuts don't feature in public announcements or headlines, but impact just as hard on workers and their families. Workers find their short term contracts are not renewed, or that casual shifts are just not available any more.
The travel industry is another facing peril. Jobs are under threat as people cancel or cut back on holidays. Lawson International Travel, a major travel agency, became the first casualty last week when it went bankrupt. Others could follow.
Faced with the growing evidence of recession, all chancellor Gordon Brown can do is say that somehow Britain is better placed than other countries to weather the storm, and urge people to keep shopping. That will seem like a sick joke to the thousands of people already sacked, and the tens of thousands more who worry that they too could be on the dole for Christmas.