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UK unemployment hits 16 year high

UK unemployment hit 2.51 million in the three months to March 2010 which is the highest level since the last Conservative government in 1994. The Office for National Statistics rolled out these figures today just hours after the new government was asked to take office by the Queen. So what does this mean for the UK economy?

While the headline unemployment figure in the UK is very disappointing to say the least it was not unexpected. Many analysts forecast UK unemployment to hit the 3 million mark in the short to medium term even if the economy was to move into a strong growth phase. The pressure on the benefits system in the UK is also certain to increase in the short-term which will place yet more pressure on the budget deficit.

Behind closed doors it is believed that many Labour politicians are quietly confident about the future and many believe that the current government has been left holding a poisoned chalice. There will be many difficult and controversial decisions to come in the short to medium term and while the former government may in the eyes of many be to blame, it is unlikely that UK voters will remember this at the next election. David Cameron, enjoy it while you can!

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