SB, it looks like you have no option but to bet the IR done quickly due to the time lapsing on your exam credit.
If you were down the other end of your 3 year period, I would have recommended that you got a FI ticket first.
With an FI chances are you would be able to find some work (if only part time). You would improve your flying skills no end and it's a lot of fun. The pay is, though, atrocious.
You have to get your IR now - it's expensive, it'll only be current for a year but it will give you a 7 year extension to your exam credits.
The job market is probably going to be slow until 2011/12. It's going to require a degree of both determination and PATIENCE to get a job. This type of recruitment freeze happens every 7-8 years in this industry, the trick is not to become desperate and pay £1000's in costs for dubious schemes that appear to get you ahead of the crowd. Even high houred ex-RAF pilot struggle to get jobs in this environment.
Things do and will get better - a contingency plan may be required for the next couple of years.
However, enjoy your IR training- it's arguably the most demanding flying that you'll ever do,
Gaz