Wednesday, August 17, 2011

UK unemployment grows at fastest rate

Source: Press TV

The number of British jobless benefit claimants has risen at the fastest monthly speed since May 2009 casting further doubt upon government's economic policies.

British unemployment rate has increased by 38,000 over the three months to the end of June making the British economy see its largest jump in the number of unemployment claimants since spring 2009.

Figures released by the Office for National Statistics show that 2.49 million British people were unemployed in the three months to June that indicated a 400,000 increase compared to the first quarter of the year.

The increase in the number of British people claiming jobseeker's allowance indicated a sharp decrease in public sector jobs as the number of unemployed woman rose to its highest level in over 15 years. During the three months to June, 21,000 women lost their jobs.

While British Prime Minister, David Cameron, was hoping that the government's spending cuts would be balanced by a recovery initiated by the private sector, analysts warn that the slow growth of the British economy damages business confidence which, in turn, deters firms from hiring new employees.

Daniel Callaghan, a director at recruitment group MBA, warned of a gloomier situation for the British economy stating that the confidence in the business market is at its lowest level.

"Banking sector recruitment has been frozen and confidence is low in the business market. There is a distinct reluctance among many firms to take on skilled, full-time employees," said Callaghan.

Figures released by the Office for National Statistics showed a 15,000 rise in the number of jobless 16 to 24-year-olds between April and June. Furthermore, the number of part-time employees who could not find a full time job rose by 83,000.

British Chancellor, George Osborne, admitted that the released figures were “disappointing” as he said they did not surprise him. Furthermore, Shadow Employment Minister, Stephen Timms, said the figures were “very worrying” acknowledging, “The momentum for growth has so clearly run out.”

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