The credit crunch is continuing to wreck havoc across the entire nation and is already having a significant impact on employment in Northern Ireland, an assembly member has said.

According to the Belfast Telegraph, two major employers in the Toomebridge area are downsizing their work force, a situation that has prompted concern from Mid-Ulster representative Patsy McGlone.

Some 90 jobs have already been lost at one of the firms while the other is said to be carrying out redundancy consultations with its solicitors.

"I am extremely concerned about the developments at Creagh Concrete and SDC Trailers, both of whom are long-established employers in the area," said Mr McGlone.

"The problem is the slowdown in the economy and, in particular, the decline in the construction industry on one hand and the haulage sector on the other."

Solicitors may have to step in to advise some of those made redundant as they may have mortgages, which may prove difficult to pay as the credit crunch continues to take its toll.
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