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City analysts forecast 3 million unemployed by 2010

City analysts are forecasting the rate of UK unemployment to increase to around 3,000,000 by 2010 as the effects of the UK economic downturn continue to impact upon business levels. We have seen around about 5000 jobs lost today and this is starting to become something of a common feature in the business headlines.

There are a number of issues regarding a rise in unemployment, none more so than the facts UK revenue from taxes will sharply fall and increased costs for social services operation will soon begin to hit home. This double whammy of reduced income and increased outgoings will further weaken the corporate UK balance sheet and is something which the government would want to control as much as possible and turnaround the economy.

The recent number of job cuts has been spread throughout the economy from the blue-collar workers at the top all of the way down. As the economic downturn continues to bite there will be many more jobs in the City under threat as the performance of the stock market continues to disappoint. All in all the unemployment situation is likely to get worse in the short to medium term until at best the UK economy stabilises and an element of job security returns to the employer market.

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