Debt solutions news: Job market 'optimistic'

11/01/2010

Those struggling with debt from unemployment or loss of income may be encouraged by an emerging "optimistic" outlook on the UK's job market.

The chief executive of WorkWise, a not-for-profit initiative, has said that there is "a lot of optimism" surrounding the UK jobs market that didn't exist this time last year.

Phil Flaxton, the chief executive, said that innovation was the country's key to recovery.

He added: "There are a lot of things that we're very, very good at and certain specialist areas where we lead the world and I think therefore, there is a lot of reason to be optimistic about the recovery."

Mr Flaxton remained cautious as he added that the "recovery will be very slow and it is very fragile".

UK personal debt now comes close to £1.5 trillion, as the latest figures show that over two million people in the country are unemployed.

Despite this, the number of people claiming Jobseeker's Allowance decreased in the last quarter of 2009 for the first time since February 2008.

The director of EuroDebt, Kevin Still, commented: "The statistics hide the fact that many people have suffered a loss of income or are working part-time.

"With household costs rising and disposable income tightly squeezed it is tough for millions of families to meet even minimum contractual payments on their credit and store cards.

"When additional income is available then money or debt advice is probably required to determine who to increase payments to."

Tags; Current UK Economy, Income Worries and Debt,

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