Unemployment figures released in error
The Office for National Statistics is this evening under severe pressure after UK unemployment figures were released 24 hours early. However, the early release has not taken away the impact of the figures which showed a rise of 244,000 in the first three months of 2009 culminating in a total of 2.2 million people now out of work. While an investigation is underway within the Office for National Statistics there are questions being asked of the UK government and the state of the UK economy.
While the figures themselves are probably around about that expected by analysts and economists, many believe the total could peak at 3 million over the next 12 months. As we have mentioned on a number of occasions, even if the UK economy was to recover tomorrow there is a significant lag between economic recovery and a return to employment for those hit by the recession. Social Security payments will continue to rise for some time, which will place more and more pressure on the UK government budget, and we will likely see a significant increase in national debt over the coming weeks and months.
This will also have a significant impact upon the property market with more people suffering financial hardship and more people unable to cover their mortgage payments, staring the possibility of repossession in the face.
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