Unemployment figures up to highest level in 15 years

Unemployment figures up to highest level in 15 years

According to the latest figures, the number of people who have been rendered jobless in the first quarter of this year has risen by 53,000 to 2.51 million. These figures clearly overshadow 27,100 fall in claimant count in April and have risen to a 15 year high. The Bank of England has stressed the need for quick action to rein in the public finances. More disturbing is the fact that labour market experts have cautioned that these figures are likely to rise further in the face of public sector cuts.

These figures also clearly stress the fact that the new coalition government inherits a very fragile labour market with the jobless total being the highest since the end of 1994.

Nigel Meager, director of the Institute for Employment Studies said "These are hugely challenging times. Nearly 18% of young people are unemployed, and nearly a third of the unemployed are now long-term unemployed. Continued action to support these groups back into work will be critical in preventing the legacy of long-term worklessness in many communities following previous recessions."

The rise in the number of jobless and an unemployment rate which continues to remain at 8%, has overshadowed a better than expected 27,100 fall in the claimant count in April, which compared with analysts' forecasts for a 20,000 drop.

Given the rise in unemployment numbers, it is little wonder that the insolvency figures in the UK have hit an all time high. In these testing times, it becomes all the more imperative for people to seek debt advice to ensure that their debt situation does not go out of hand. Those facing debt because of unemployment, can seek expert debt advice to regain control over their finances.

There are many reputed debt management companies in the UK offering free debt advice to tide over the tough times. Being in debt is not the end of the world and there is always a way out of a difficult situation. Debt solutions can range from debt consolidation loans to IVAs to Debt Management Plans. Seek the advice of financial experts and they will be able to guide you on the best debt solution based on your current financial situation.

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