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UK Unemployment continues to Soars to 2.5 Million
Wednesday, 19 January 2011
UK unemployment has shocked increased by 49,000 to 2.5 million. The heavy greatest stress in the employment market falls on the youth with a record number of young people, between the ages of 16 to 26 out of work to a number never seen before.

Latest figure released on Wednesday show that one in five 16 to 24-year-olds is jobless - an increase of 32,000 in the three months to the end of November.

On the whole, the unemployment rate stands at 7.9 percent but broken down, it reflects more than 20 percent for young people. About 951,000 of 16 to 24-year-olds are now jobless, which is the highest figure since records began in 1992, reports various news networks.
All this comes at a time when the coalition of Government lead by David Cameron faces an up hill task reduce the country’s huge debt burden.  The government is savagely cutting all support to public services and has strived to shrike the public service.
In January VAT was increased to 20 percent and student fees has been increased to 9 thousand pounds per annum amidst other taxes that the British people will see in the coming months and years.
On the job from, vacancies for the three months to November 2010 stood at 469,000 - with more than five people chasing every job. Employment experienced its biggest fall since the summer of 2009, dropping 69,000 to 29 million.

The government acknowledge that the figures serve to underline the scale of the challenge they are out to face. They still blame their problems to the last labour government and a minister said  to sky news that they “ inherited the largest budget deficit in peacetime history and high levels of worklessness, which we are determined to bring down by rebalancing the economy and supporting private sector jobs growth."

The labour opposition said that this is the effect of the government’s obsession with making public cuts and that they are cutting too fast and too deep. Some analysts said that the job figures are disappointing and once again slightly worse than expected. Employment has declined for both full-time and part-time jobs, and the number of people working part-time because they could not find a full-time job rose to its highest level since comparable records began in 1992.
The forecast now is that that UK unemployment is likely to increase to 2.6million over the next year, with a net rise of around 100,000.
BY Scancomark.se Team

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