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The UK job market continues to weaken

The government is in a desperate race to try and refloat the UK economy before we see a major collapse in the UK employment market. A recent flurry of announcements from various recruitment agencies suggests that new positions in the UK are becoming more and more scarce and many companies are looking to cut back on their recruitment costs and employment base.

This does not bode will the future with UK unemployment set to rise above 2 million in the short-term with many suggesting it will peak at around 3 million towards the end of next year. Not only will this put severe pressure upon the UK economy but it will increase the burden on the social services system in the UK where tax income would be reduced and payments from the government to the population will increase. This comes at a time when UK government finances have never been weaker and look set to weaken further in the short to medium term.

While the 3 million peak may be reached within 12 months, it will take a lot longer than 12 months to take 3 million people off the unemployment list, causing something of a lag between recovery in the UK economy and lower unemployment in the country.

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