Unemployment rises 'not over yet', analysts fear

11/11/2009

The rate of unemployment across the UK is expected to carry on rising, prompting growing numbers of people to seek out help with their household debts and bills.

Last month, the government confirmed that the total number of people out of work had edged towards the 2.5 million mark as employers continued to shed staff in the wake of the global economic downturn.

Now, with the latest statistics due to be published, analysts have predicted that unemployment is set to keep on rising for some months yet, spelling bad news for the economy in general and leaving hundreds of thousands of people with debt worries.

In particular, former member of the Bank of England's Monetary Policy Committee, David Blanchflower, has warned that youth unemployment could rise markedly over the coming months as graduates and school leavers attempt to enter a tough jobs market.

Meanwhile, Lloyds banking group has announced that it is likely to make as many as 5,000 redundancies across its UK operations, with its insurance and mortgages divisions to be particularly hard hit.

Tags; Young Family Finances, Job loss, Credit Card Lifestyle, Recent Graduate Debt,

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