Regional recession index shows hardest hit areas of the UK
The uSwitch.com regional recession index has highlighted the varying degree of performance across the UK with regards to property prices and unemployment. Those living in the Swindon area will be dismayed to learn that the city has seen unemployment explode by 197% over the last 12 months making it officially the worst hit area in the UK.
Swindon has also seen a 16% fall in property values although this figure is superseded by Luton where house prices fell by a staggering 19% over the last 12 month. Rochdale at 18.5% and Bristol at 18.4% were also severely hit by the UK property downturn. There are growing concerns that these areas will also experience a slower recovery from the recession compared to the UK average which could put significant pressure on finances in the region.
On a more positive note, the London Borough of Brent was shown to be the most recession proof area of the UK with salaries increasing by 12% and unemployment rising by significantly less than the UK average. While these headlines make damning reading for many areas of the UK there is no doubt that each and every area of the country has been hit to some extent. It is also worth remembering that the speed of any local recovery from the downturn will vary from place to place and timings will also be different.
Share this..
Related stories
Unite union calls for strike vote
It has been revealed that more than 20,000 construction staff are to be balloted about potential strike action as the situation regarding the use of foreign workers in the UK comes to a head. This is something which has been ongoing for some time and caused significant distress for companies, workers, unions and the government over the last six months. The latest blow comes as talks between the Un...
Read MoreIs Hershey set to go it alone?
American confectioner Hershey is rumoured to be in talks with bankers this weekend over a possible £10.3 billion bid for UK outfit Cadbury which is currently the target of a £9.9 billion bid from US counterpart Kraft Foods. The rumoured bid from Hershey equates to around £7.50 a share against a £7.25 bid currently on the table from Kraft Foods but it is still well below the eight pound share p...
Read MoreTory party praise Jaguar Land Rover workers after recent vote
The Tory party Shadow Chancellor George Osborne has tonight praised the Jaguar Land Rover workers for their decision to accept a four-day week in a last-ditch effort to save jobs at the company. In a further remarkable turn it has also been revealed that the workers, who were balloted by their unions, have also agreed to a one-year pay freeze in order to try and reduce the cash haemorrhage being f...
Read MoreHave the money markets stalled again?
The government has given the definite impression that the £500 million Jaguar loan, which is currently being considered from taxpayers funds, is a last resort due to problems in the money markets. However, this perception also prompts an array of other questions relating to the banking rescue package and the billions of pounds which have been thrown at the money markets over the last few months....
Read MoreLloyds bank set to escape asset protection scheme
Rumours in the city suggest that Lloyds bank is on the verge of receiving official clearance from the UK government and UK authorities with regards to leaving the government's asset protection scheme. This is a scheme which Lloyds bank agreed to join some time ago but requires a £15 billion premium to cover hundreds of billions of pounds of potentially toxic assets and ultimately protect the comp...
Read More