Several of the economic forecasts published recently by the Office for Budget Responsibility (OBR) made for uncomfortable reading.
The OBR believes that unemployment could rise beyond 8.5% as struggling businesses fall into administration or cut staff numbers in an effort to survive. As the list of insolvent employers continues to grow at an alarming rate, economists estimate that around 15% of 9.4 million furloughed staff (1.4 million people) could lose their jobs before year-end; in such circumstances, unemployment would soar to 11.9%, matching levels last seen during the depths of the 1980s recession.
STM Group plc (LON:STM) is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group was formed as a strategic investment company specifically to build a leading financial services group originally operating in the international corporate and trustee service provider (CTSPs) sector.