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IMF believes UK jobless total set to rise

Despite hopes that the UK economy will finally turn around and move into recovery mode in the short to medium term, the International Monetary Fund (IMF) has today poured scorn on hopes that the UK jobless total will soon peak. The IMF believe that unemployment in the UK will continue to rise well into 2010 and indeed the UK is one of the worst performing economies in the world at this moment in time. As a consequence, the time lag between a UK recovery and a worldwide recovery could expand in the short to medium term.

When you consider that yesterday saw a further 800 job losses at Lloyd's bank, with more expected in the New Year, the negative news flow with regard to employment continues. Many people are attempting to airbrush the short to medium-term problems and looking longer term, but the UK economy is being held back by a massive national debt and a bulging budget deficit. Today has also seen the largest rights issue in the history of the UK with a £13.5 billion cash call from Lloyds bank in order to address the various issues the company is facing. Against this background, it is very difficult to be upbeat with regards to the UK economy in the short to medium term.

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