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When will unemployment start to fall?

As UK unemployment continues to lurch towards 3 million there are serious concerns that the ongoing economic crisis will hit many consumers and employees in the UK for many years to come. The current figure stands at around 2.2 million but many analysts expect this to rise to more than 3 million over the next 12 months with little likelihood of a significant reduction in the foreseeable future.

This is the worst-case scenario for the UK government because not only does it reduce tax income from workers, but it also increases social security benefit payments and places more and more pressure on the UK government budget. This is a budget which is literally hundreds of millions of pounds in deficit and set to grow substantially over the next few years. There are many people who believe it will take at least a decade for the UK economy to recover to former levels and many in the country will hit rock bottom with their finances in the short to medium term.

One of the main concerns is the fact that despite the billions and billions of pounds the UK government has poured into the UK economy we have yet to see any significant improvement and businesses are still struggling to survive.

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