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Unemployment Set To Rise By 900,000 Over Next 2 Years

While many analysts have been trying to avoid the thought, it seems that the UK is headed for recession with news that unemployment is rising at the quickest rate since the last major recession of the 1990s. It has been reported that the number of unemployed rose by over 15,000 in June alone (the largest jump since 1992) and brings the number of job loses this year to 45,000.

Economists are now forecasting one of the worst recessions in recent times for the UK economy with many expecting unemployment figures to rise by over 900,000 by the end of 2010. While 15,000 may not seem a large number when the economy has fallen so far, it is easy to forget the time lag between reduced economic activity and job losses. Now that the scenario is falling into place the current number of 1.6 million unemployed in the UK is set to rise sharply over the coming months.

Not only will a rising unemployment numbers mean less household income, it will also lead to greater benefit claims and further pressure on an already over stretched public purse. Even Gordon Brown in his heyday would struggle to resolve the current situation in the short term!

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