Unemployment 'could come close to 4m'

03/08/2009

Massive rises in unemployment in the UK over the months to come have been predicted by financial experts.

A new report from the Centre for Economics and Business Research (CEBR) and TaxPayers' Alliance suggested that a economic deterioration over the next few months would push the jobless total to nearly four million.

Speaking today, a National Institute of Economic and Social Research (NIESR) representative also said that this increase was possible, but that he currently believed that a more “optimistic” scenario where fewer people lost their jobs would take place.

On latest official figures 2.4 million people are unemployed – itself a 14-year high.

More and more people have been losing their jobs recently due to firms making cutbacks in staff numbers due to [repeat] the credit crunch.

Other companies, including Woolworths, have gone out of business entirely.

Martin Weale, director of the NIESR, said: "Our forecast is lower [than CEBR/TaxPayers' Alliance] but if they are saying [it] could then that could happen."

"The key point is this could happen ... I must say that I am more optimistic about unemployment than that."

Tags; Job loss, Credit Card Lifestyle, Recent Graduate Debt,

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