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New figures are expected to show that the number of individuals claiming unemployment benefits has risen for the seventh consecutive month, reports the Guardian.
Roger Madison, national automotive officer for the Unite union, said: "There is just no confidence at the moment. All the companies are struggling - everyone is in the same boat."
The City has been hit hard by the exodus of jobs with thousands of workers in London's Square Mile laid off since the US mortgage crisis began last summer.
In the construction sector, up to 50,000 people have lost their jobs, with housebuilder Baratt saying it will cut a quarter of its workforce and Persimmon announcing the loss of 2,000 staff.
The US financial services sector - already reeling from the lost of 100,000 jobs - could be forced to shed a further 50,000, reports Reuters.
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