Jobseekers feel vacancy squeeze, unemployment on the rise

13/10/2008

Unemployment is rising at the rate of 1,500 a day in the UK, the News of the World reports.

Figures from the Office of National Statistics have shown that 138,000 Britons lost their jobs over the May-July 2008 period.

What's more, latest vacancy rates statistics show the number of jobs available has shrunk by 13 per cent.

These two reports, taken together, suggest that it has become much harder to both keep a job and find another one if you are made redundant.

EuroDebt director Kevin Still commented: "It is a sad reality that many redundancies seem to be made just before financial year end, which often coincides with just before Christmas when expenditure requirements are often highest.

"Our recommendation is to be prepared, as best you can, if you think your employment may be at risk and take stock of what measures that can be taken if you are only entitled to only statutory compensation.

"If you are already struggling to make ends meet then taking professional advice may be necessary anyway because even if there may be no loss of jobs there may be a loss of income in the form of reduced overtime."

Speaking to the newspaper, John Philpott at the Chartered Institute of Personnel and Development added: "People should brace themselves for an avalanche of job cuts…the tremors are being felt now and the stream of job losses will be in full flow by the end of the year."

UK economic growth stood at zero according to the most recent government figures - and many economists have said that we are already in recession due to the recent worsening of the credit crunch.

Tags; Young Family Finances, Job loss, Recent Graduate Debt,

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