Rises of Unemployment in the UK
Thursday, September 18, 2008 7:56
The jobless benefits rate has surged at the fastest pace since the UK’s last recession. Meanwhile, unemployment also rose. In August, the number of people of out of work has risen by 81,000 to a nine-year high. According to official figures today, some 32,500 people signed on for unemployment benefits during August, which is the largest increase since 1992. Now, 1.72 million people are unemployed now and business organizations said that the numbers could rise as high as 2 million by the end of next year to the levels not seen since Labour came to power in 1997.
For the Bank of England, these rises in both unemployment and benefit claimants will become very disturbing news, as the bank is hampered from cutting interest rates to shore up the economy by soaring inflation, which rose to a 16-year high of 4.7% last month.
With the soaring house and energy prices, collapse of Lehman Brothers and the new merge of Lloyds TSB and HBOS, increasing concern has risen among the public mass over the economic situation.
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