Sunday, 13 February 2011

UK Unemployment set to rise

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These are graphs showing the working age employment rate and the unemployment rate
After the dramatic rise in unemployment in 2008, the rate has stabilised at around 8% over the past 18 months, but with the expectation that the savage public sector cuts will mean at least 330,000 jobs lost, we are currently in the lull before the storm.
Harsher job cuts to come in 2011, warns CIPD
Harsher job cuts to come in 2011, warns CIPD Photo: Christopher Furlong/Getty
Unemployment is currently around 2,500,000 and the jobless claimant count (claiming out of work benefits) at 1,490,000. The CIPD forecast a rise to 2,700,000 unemployed in 2011. The British Chambers of Commerce concurs with this figure at 2,650,000 by the first half of 2012. Either way the official jobless count is expected to start climbing again.
It is too easy for those in work to fail to understand what it is like not to have a job. The multiple, spiralling debts and financial problems with the fear of what will arrive by post or by email. The constant anxiety of how the rent or mortgage will be paid. The fear at the supermarket checkout that there will not be enough in the bank to feed the family. The loss of self-esteem and what you say to friends and family. The nauseating rejection time and time again after completing scores of job applications (each one taking several hours).
Therefore, it is galling to read that some Barclays bankers will 'only' receive £2.7bn of bonuses with the new Chief Executive Bob Diamond receiving over £8m in bonuses. Likewise, George Osborne has said he can't restrict bank bonuses at RBS this year after RBS gave out £1.3bn last year (up from £1bn in 2009).
George Osborne
George Osborne MP, Chancellor
Some bank employees earn a relatively small income but the greed within the banks has not gone away. It is merely being screened from prying eyes. 
For the rest of us mere mortals, 2011 is going to be a very tough year with rising fuel prices (in 2007 we were paying just 95p per litre for petrol against 129p per litre for unleaded now), rapidly increasing food prices and the threat of job losses.

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