UK unemployment rises to 2.4 million
UK unemployment is now at its highest level since 1995 with over 2.4 million people now out of work. Between April and June 2009 the jobless number increased by 220,000 with 7.8% of those available for work not able to find employment. While the exact figure is 2.44 million many people expect this to increase to well over 3 million in due course before eventually falling back during the next couple of years.
However, the problem could be more deep-seated with the fact that more and more youngsters are now being pulled into the unemployment trap and pushed onto the benefit system as a means of surviving. Historically it has been shown to be very difficult to change the mindset of those who have not been able to find employment even after college or university education.
Even though the UK government has been criticised because of significant spending in the area of job creation, it is more an investment for the future and a means of avoiding a potential benefits trap for literally hundreds of thousands of young people in the UK. Whether these schemes will be successful as the job market continues to shrink remains to be seen but the UK government cannot afford to sit back and do nothing.
Share this..
Related stories
Charity begins at home
The announcement that donations to Oxfam have suffered a fall of around 12% this year is bad news for the charity sector but in many ways inevitable. As the UK recession continues to bite, more and more of the UK population are taking on the philosophy that "Charity begins at home". However, a significant reduction in charitable donations will have a knock-on effect to many local communities as th...
Read MoreUK government looking to create three new high street banks
The UK government is looking to create three new high street banks with the forced sell-off of bank branches by Lloyds bank Royal Bank of Scotland in the short to medium term. However, it is unclear exactly how these new banks will be created and what kind of strategy and service they will offer the UK population.
Ultimately the UK government would prefer to see a more local economy...
Energy companies see profits rise further
26/11/2013 The big six energy companies saw their profit margins increase by 4.3% in 2012, which does not include the effects that could be felt from the recent rise in energy prices. Regulator Ofgem reported that of the big six, Centrica, owner of British Gas, boasted the highest profit margins of 6.6%, whilst EDF energy reported the lowest profit margin, who actually made a loss of 1.1%....
Read MoreEU approves changes at Lloyds bank
The European Union Commission has today approved the UK government state aid invested into Lloyds bank which will be rubberstamped in exchange for an agreement that 600 Lloyds branches will be sold off. This now leaves the way open for the £21.5 billion refinancing which Lloyds bank announced some days ago and which had been subject to speculation regarding potential EU approval. So what next?
How long will the UK economic recovery take?
The National Institute of Economic and Social Research (NIESR) is the latest in a line of groups to issue a downbeat statement regarding the future of the UK economy. The view of the NIESR, which is not replicated across the UK at this moment in time, is that UK house prices will continue to fall in value for another three years and ultimately it could be 2014 until we can say categorically that t...
Read More