New jobs - a breath of fresh air.

The social costs of the recession are biting hard as unemployment levels worsen. Since the fall of Lehman, we've been suffocated with depressing headlines about the downturn and its dire consequences; but now, things are changing ...hopefully!

News today that Tesco's banking sector will recruit 1,000 people for its new customer service centre in Newcastle comes as a breath of fresh air. Lord Mandelson, the Business Secretary welcomed the news as invaluable for the North East of England.

The announcement from Tesco Bank, comes as the EU today approved of government plans to divest itself of the nationalised Northern Rock's lending assets. With the top 5 retail banks forbidden to purchase these assets, there is rife speculation that Tesco will be the buyer. The government has specifically said that it wants a new entrant to the financial services market to buy these assets as a means of increasing competition.