Market Crunch Spanks UK Nannies

Unemployed mom and dad cut child care costs
By Neal Colgrass,  Newser Staff
Posted Sep 21, 2008 4:56 AM CDT
Future looks bleak for British nannies.   (AFP)
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(Newser) – British nannies are lining up for jobs alongside the bankers and financiers who once employed them, Reuters reports. Renowned as the world's best, Britain's nannies are losing work to the credit crunch that has wiped out US investment banks and rippled through London's financial district, threatening thousands of jobs. Problems for nannies are "just starting," warning an employee at a nanny placement firm.

Nannies can earn up to $73,000 a year. But "pay rates have started to come down, and now the jobs are going," the executive noted. "I'm getting calls from nannies saying one or both of their employers have lost their jobs—and so they have, too."