Unemployment surge puts strain on finances

17/10/2011

There has been an increase in the number of people unemployed, boosting concerns about national debt problems.

The Office for National Statistics last week published figures highlighting that in the three months between June and August 2011 there was a 0.4 per cent increase in joblessness, pushing the actual figure to 2.57 million. This represents the highest unemployed figure since 1996.

Adding a further blow comes the news that the actual numbers of people in work has decreased, falling 178,000 during the quarter to reach 29.1 million. This puts further strain on households who are already struggling to pay back existing loans such as mortgages and credit card bills.

There has been a corresponding rise in those on jobseekers allowance, which implies that many who have recently become unemployed do not have their own savings to rely on but must turn to the stat.

A report by the National Institute of Social and Economic Research also suggested that unemployment is not set to fall anytime soon as the UK is struggling through its weakest economic recovery since the end of World War I.

Tags; Current UK Economy, Income Worries and Debt, Job loss,

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