Public sector accountants and finance staff will be hit hard by this year’s public spending cuts, according to research by international finance and accounting recruiter Ambition.

The company predicts that 16,500 of around 140,000 permanent finance employees will lose their jobs, with many unable to find jobs in the private sector.

The company’s predication is based on its research that 2.3% of public sector workers are accountants and finance, and the government’s plans to cut public spending by £6.2bn this year.

Tim Gilbert, UK managing director of Ambition, said the prospects for those who lose their jobs is bleak. “Banks and City institutions don’t want candidates with public sector backgrounds. They think they lack the cut and thrust attitude demanded by many of today’s businesses. Whether this perception is true or not, it’s an unfortunate reality.  

 “There will be candidates who have the commercial acumen and hunger to break into the private sector, and these individuals will be snapped up. But there shouldn’t be an expectation from the public that the nascent recovery in private businesses will accommodate the public sector fall-out.”