FTN this month, its front page story details the current surplus of CPL qualified Flight Instructors. Don't waste £7k on the rating at the moment, re-new your IR on the sim if you can. Surely if you renew on the aircraft, it shouldn't cost much more than £1k in any case (2hrs with instructor, 1.5hrs test)? Neither will get you a job at present, but £1k vs £7k is a no brainer for me and the IR renewal is supposed to be much less trouble than the initial.