20,000 job cuts in London mostly IT - VT boom?

London, England could lose 20,000 jobs within the next two years as a result of the credit crunch and the bad economy.  Apparently the US isn’t the only one feeling the bind.  The Register reports that most of these jobs will be centered around IT departments as company’s cut back on expenses.  This may actually make Virtualization related technologies flourish in anticipation of reducing IT related hardware purchases.  Why buy 10 servers when you can buy 2-4 and run a few virtual servers on each of them.  This round of job cuts has been slated to be worse than the 15,300 job cuts during the dotcom crash in 2001.