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UK’s Unemployment Highest For 17 Years

December 15, 2011 By Leave a Comment

By Skynews.com.au

http://www.skynews.com.au/businessnews/article.aspx?id=696765&vId=2920635

Britain’s unemployment has hit its highest level for 17 years, with women and young people bearing the brunt of the deepening jobs crisis in the wake of the government’s austerity measures and the economy’s general weakness.

Figures from the Office for National Statistics on Wednesday showed that 2.64 million people were unemployed in Britain at the end of October - that’s the highest level since 1994 and 128,000 more than in the previous quarter.

Following the increase, Britain’s unemployment rate is now 8.3 per cent, up 0.4 per cent on the quarter and at its highest level since 1996.

Unemployment among 16 to 24 year olds increased by 54,000 to 1.03 million - the highest level since records of youth employment started to be kept in 1992. And the number of women unemployed swelled by 45,000 to 1.1 million, the highest since 1988.

The British government has been heavily criticised for cutting programs that help young people break into the job market, and opposition leader Ed Miliband has said in the past that the country faces having a ‘lost generation’ of people who find it impossible to get work.

Prime Minister David Cameron told MPs the government was trying to reduce joblessness.

‘Any increase in unemployment is bad news and a tragedy for those involved,’ he said. ‘We will do all we can to help people back in to work.’

The statistics office also revealed that public sector employment had also fallen by 67,000 to just below six million - the first time the level has been that low since 2003.

Cutting costs in the public sector has been a key part of the British government’s strategy to reduce the country’s debt. It has clashed with public sector unions over its austerity measures, with unions saying the cuts are unfair and hit poorly paid workers the hardest.

Dave Prentis, leader of the public sector union Unison, said the latest unemployment figures showed the government strategy is failing.

‘The government continues to ignore the human cost and push ahead with its hard and fast cuts, clinging to the hope that a struggling private sector can pick up the pieces,’ he said. ‘These figures deliver a cold hard dose of reality. It is shameful to see that yet again women, who make up the majority of low-paid public sector workers, are the hardest hit by job losses.’

The government had hoped that the private sector would create jobs to compensate for those lost in the public sector but the ongoing economic crisis has meant that a number of companies are struggling to stay afloat.

Tour operator Thomas Cook added to the bad news with an announcement on Wednesday that it will close 200 stores and cut more than 660 jobs in Britain as families with young children decide to stay home instead of holidaying at its all inclusive beach resorts.

Thomas Cook also reported its final year results on Wednesday, after postponing their release as it sought new agreements with its creditors. It said its operating profit fell 16 per cent to STG303.6 million ($A472.7 million).

 

Source: http://www.skynews.com.au/businessnews/article.aspx?id=696765&vId=2920635

Filed Under: Financial Crisis, United Kingdom Tagged With:

Unemployment Rises in Advanced Economies

December 13, 2011 By Leave a Comment

By http://thehill.com on December 13th, 2011 at 10:55 am

Unemployment rates remain stubbornly high in the world’s most advanced economies, causing more headaches for policymakers trying to avoid another global recession.

Data released Tuesday by the Organization for Economic Cooperation and Development shows unemployment across the group’s 34 countries rose slightly to 8.3 percent in October, from 8.2 percent the month before.

The OECD says, in total, 45.1 million people in member states were jobless in October, with some of the biggest increases in Europe.

The euro area as a whole saw its unemployment rate edge up to 10.3 percent, the highest it has been since the height of the global financial crisis.

Spain and the Netherlands saw especially big jumps in unemployment, with Spain’s jobless rate hitting 22.8 percent. Analysts fear the ongoing economic woes in Spain could soon force the eurozone’s fourth largest economy to join Greece and other countries needing international assistance.

Some OECD members did manage to lower their jobless rates. Germany’s unemployment rate fell slightly in October to 5.5 percent.

November data from the United States also showed the unemployment rate declining in the world’s largest economy, falling to 8.6 percent.

 

Source: http://blogs.voanews.com/breaking-news/2011/12/13/unemployment-rises-in-advanced-economies/

Filed Under: Financial Crisis Tagged With:

More Young People Than Ever Sleeping Rough

December 12, 2011 By Leave a Comment

Government cuts and high unemployment are driving a sharp rise in the number of young people who are homeless.

Charities believe there is a worrying link between the record youth unemployment figures and the people they are dealing with.

On the streets of central London on her early morning rounds, outreach worker Miranda Keast told Sky News that under those aged between 16 and 25 now account for a larger proportion of her work.

“There has been a noticeable increase in those age groups,” she said.

“If they haven’t been in education and they don’t have much support from their families financially then it is very difficult.”

A survey carried out by Homeless Link has revealed 44% of homeless services and 48% of councils report an increase in young people seeking help.

The report also found 62% of young homeless people seen by charities were not in education, training or employment, and around half were in financial difficulties.

Paige Evans, 17, counts herself lucky to have a part-time job but has spent the last year sleeping rough or borrowing friends’ sofas in south east London.

She told Sky News: “I wake up in the morning and I don’t know where I’m going to be staying next.

“I do feel ashamed that when people ask me whereabouts do you live, and I have to say I don’t.”

Paige was helped last month by a Nightstop UK scheme where homeowners offer their spare room to someone in need.

It is a stopgap measure that gives homeless people a bed while waiting for help from overstretched organisations.

Ailsa McWilliam, from Nightstop UK, told Sky News the organisation badly needs more people to act as hosts.

“It’s a double edged sword at the moment, the cuts in the economy and the way young people are being hit by the economic situation,” she said.

“If we had more hosts it would mean we wouldn’t have to turn as many young people away.”

Filed Under: Economy, Financial Crisis, Housing, Poverty, United Kingdom Tagged With: ,