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UK unemployment reaches 15 year high

Unemployment reaches highest point in 15 years

Unemployment reaches highest point in 15 years

A recent report by the Office of National Statistics shows that unemployment has reached a 15 year high of 2.5 million, a whopping unemployment rate of 8%.

David Kern, Chief Economist at The British Chambers of Commerce (BCC), has stated that unemployment figures are disappointing, but hardly surprising when taking into consideration the disturbing trends that have become increasingly apparent in recent months. He stands behind the BCC’s forecast that unemployment is likely to hit 2.65 million later in 2010.

Mr Kern commented:

“In addition to a rise in unemployment that reverses recent declines, we have witnessed a large fall in employment and a sharp increase in inactivity. The number of people working part-time has risen to a record high.

“Whatever the result of the election, a new Government must enable businesses to invest and create jobs. Scrapping the proposed employer National Insurance increase next year appears even more important in the light of these figures. It is equally important that the regulatory burdens on business are limited in the coming years.”

Despite these rather worrying results, further research by the Chartered
Institute of Personnel and Development (CIPD), suggests that the number of unemployed people claiming Jobseeker’s Allowance (JSA) has actually dropped by 32,900 to 1.54 million.

According to many leaders in the small business sector, companies have been very reluctant to take on more staff, due to uncertainty in the economy. However, now that we have finally left the recession here’s hoping that both small businesses and their larger counterparts will be able to take on more staff.

Related articles:

UK inflation higher than expected

Small businesses lose out to weak pound

National Insurance not small businesses greatest concern


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Photo by Salvatore Vuono

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