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UK unemployment approaching 2.5 million

Unemployment in the UK is approaching 2.5 million according to figures released by the Office for National Statistics. The number of unemployed in the UK rose to 2.47 million in the three months to April against 2.45 million in the three months to March although there has been a shift in the mix. For the first time in two years the number of UK citizens employed in the public sector has fallen - so does this mean that public sector budget cuts are hitting home?

The UK government has had no time to have an impact upon the unemployment markets, especially the public sector, although there is no doubt that local authorities have been instigating job cuts. When you consider that the worst of the public-sector budget cuts are yet to come we can only imagine how many people could lose their jobs in the short to medium term. The public-sector currently employs just over 6 million people in the UK which grew significantly under the previous Labour government.

While the increase in unemployment is probably better than many people expected it is worth remembering that budget cuts have yet to hit home and indeed the vast majority have not yet been announced.

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