MercoPress. South Atlantic News Agency
UK unemployment at its highest since 1994 reaches 2.57 million
Young people hit the hardest Unemployment in Britain has jumped to its highest level since 1994, with young people hit hardest as private companies fail to make up for job losses in the public sector, piling pressure on the government to boost a stagnant economy.
The government was quick to blame the rise in unemployment to 2.57 million on the global financial crisis and the Euro zone turmoil. But calls for it to ease its austerity plans increased as fears of a “lost generation” of young people without hope of a job are growing.
Economists also warned Britons should brace for more bad news as employment numbers tumbled at recession-style rates.
“The figures are a disaster,” said economist Alan Clarke of Scotia Capital, adding that the economy was just not strong enough to create jobs.
Less than a week after the Bank of England launched a fresh round of stimulus to prevent a recession, BoE chief economist Spencer Dale said in an interview that the economy was likely to weaken further in the final quarter of this year.
The UK Office for National Statistics said the number of people without a job on the ILO measure jumped by 114,000 in the three months to August to 2.57 million, the highest total since October 1994. The jobless rate hit 8.1%, the highest since 1996.
Youth unemployment rose to 991,000, its highest since records began in 1992, driving the jobless rate among eligible 16- to 24-year-olds to 21.3%.
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Read all commentsRubbish, The real figure is much much higher.
Oct 12th, 2011 - 10:24 pm 0Ooooppss “UK rating downgrade 'unavoidable'
”A downgrade of Britain's top notch credit rating is potentially unavoidable because the country can not grow out of its debts, a leading asset manager has claimed”
http://www.telegraph.co.uk/finance/financialcrisis/8822965/UK-rating-downgrade-unavoidable.html
why do you south americans panic so much,
Oct 12th, 2011 - 11:08 pm 0no wonder your going nowhere,
relax, its only a little problem,
when it gets go big, we can follow argentina and go bankrupt,
???????
@Marcus
Oct 13th, 2011 - 12:37 am 0Perhaps you missed the bit where he says the rating will probably be reviewed in coming years. A lot can happen between then and no Marcus.
Also check your own countries unemployment rate before dishing britains yours is 7.9 same as ours prior to the recent rises in unemployment. And we have a much larger population of people within working age than you do. So of cause our total unemployed will always be higher than yours even when we have low unemployment rates the total unemployed where higher than the total unemployed person in your country.
and in addition to comments on the AAA credit rating, i might add that in the 40's and 50's our debt was around 200 -250% GDP which is alot worser than the current 80 odd percent. Did we lose our AAA credit rating back then? No we didn't so the telegraph is as usually scaremondering in its attempt to boost sales, and most british people no the telegraph is not the most reliable source for accurate news.
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