The UK unemployment has risen up to 2.47 million between May to July this year, marking the highest unemployment rate since year 1995, signaling long years of agonizing wait before the full recovery.
It also echoes the sentiment of Mervyn King, the top guy who governs the Bank of England, who had earlier warned that ‘the economic recovery would be long and protracted’.
There can be some sigh of relief in terms of redundancies – the total redundancies were 246,000 in three months to July, compared to the 302,000 peak figure recorded in April. That’s close to 20% reduction.
Britain’s close ally, United States also recently hit a record jobless rate of 9.7%, and is facing tougher challenges compared to other European counterparts, with the average unemployment in the European continent fluctuating around 9%. UK unemployment rate is now 7.9%, and while the number is rather significantly lower than the US and the European average, it does not translate to any better condition.
As the days go by, the claims for job seeker’s allowance continues to increase steadily, elevating the number of those relying on the government welfare – something a developed country would not be particularly proud of. Analysts expect more people to go jobless, with the number of unemployment to exceed 3 million figure by year end.
As what the general secretary of the Trade Union Congress, Brendan Barber put it rightly, “There seems to be no sign of recovery here.”