Unemployment in UK

Old Mar 18th 2009, 12:49 pm
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Default Unemployment in UK

Above 2 million for the first time since 1997 up 138,400 in February biggest increase since comparable records began in 1971.

Average earnings including bonuses grew at the weakest annual rate since records began in 1991. The single month annual rate actually fell -- the first fall on record.

Bank of England policymaker David Blanchflower thinks there could be one in 10 people out of work by the end of this year.

"It's clear that the data is absolutely dreadful," said Amit Kara, UK economist at UBS. "Going forward we expect unemployment to rise well in excess of three million through next year."

"These are tough times, these are very bleak figures," said employment minister Tony McNulty.

No shit?? Last one turn out the lights me thinks...........
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Old Mar 18th 2009, 12:57 pm
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Default Re: Unemployment in UK

Originally Posted by BangleMan View Post
Above 2 million for the first time since 1997 up 138,400 in February biggest increase since comparable records began in 1971.

Average earnings including bonuses grew at the weakest annual rate since records began in 1991. The single month annual rate actually fell -- the first fall on record.

Bank of England policymaker David Blanchflower thinks there could be one in 10 people out of work by the end of this year.

"It's clear that the data is absolutely dreadful," said Amit Kara, UK economist at UBS. "Going forward we expect unemployment to rise well in excess of three million through next year."

"These are tough times, these are very bleak figures," said employment minister Tony McNulty.

No shit?? Last one turn out the lights me thinks...........
how much does he get paid to point out the obvious !
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Old Mar 18th 2009, 1:16 pm
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Default Re: Unemployment in UK

Originally Posted by Blue Cat View Post
how much does he get paid to point out the obvious !
He's worth listening to - he was the only one of the MPC members calling for rate cuts and predicting a nasty bust, for a long time.
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Old Mar 18th 2009, 1:31 pm
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Wink Re: Unemployment in UK

Doomed, doomed I tell you!

If they could predict the future accuratly they'd be rolling around in money laughing right now. We entrust our financial descisions to a few people who private industry wouldn't hire, I just can't understand where we are going wrong .
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Old Mar 21st 2009, 10:41 am
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Default Re: Unemployment in UK

More bad news...

Basically the UK taxbase is gone!



The government has limited scope to implement its planned stimulus package as borrowing soars, according to a key economic think-tank.

The Ernst & Young Item club forecasts that net borrowing will rise to £180bn in the forthcoming tax year and will exceed the chancellor's own prediction.

It said that public finances were deteriorating "at an alarming rate".

Shadow chancellor George Osborne called it "the worst fiscal mess any British government has created in peacetime".

The Item club also called for a temporary cut in national insurance contributions to encourage businesses to hire staff.

Mr Osborne told BBC Radio 4's Today programme: "One of the problems at the moment is that tax receipts have collapsed but we also need to look at the spending side of the organisation." The chancellor must provide some credible forecasts for the public finances

He added that there was "a great deal of scope for spending restraint", particularly among Whitehall civil servants.

On Thursday, the IMF said that the UK would have to borrow 11% of national income to battle the financial crisis - the highest of the G7 nations.

The Item club says that figure was overly optimistic. It forecasts borrowing to stand at 12.6% of GDP next year and that the UK would be running deficits over the next decade.

The Item club, which uses similar methodology as the Treasury forecasters, said that predictions by the chancellor, Alistair Darling, in last November's pre-budget report had been overtaken by events.

Total borrowing over the next five years would be £270bn higher than anticipated, it said.

The forecasters blamed the parlous public finances on falling tax revenues as a result of lower consumer spending and rising unemployment.

"The chancellor must provide some credible forecasts for the public finances and present an unambiguous medium-term plan for restoring them to health, " said Peter Spencer, chief economic advisor to the Item club.
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Old Mar 21st 2009, 1:27 pm
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Default Re: Unemployment in UK

The Item club really don't like this Government.

Doesn't mean they're wrong of course, but most of it is their opinion...
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Old Mar 22nd 2009, 1:01 pm
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Default Re: Unemployment in UK

Originally Posted by typical View Post
The Item club really don't like this Government.

Doesn't mean they're wrong of course, but most of it is their opinion...
Does anyone like it?

From doing nothing they are suddenly running hither and dither putting the blame on everyone but themselves, and they are supposed to be running the financial watchdogs and regulators..

As a last resort they end up with printing more and more money which might end all hope of the pound (currently undervalued) bouncing back.
Which in turn makes global money markets uneasy so instead of considering moving money back into the undervalued pound they have adopted a wait and see attitude.
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Old Mar 22nd 2009, 1:22 pm
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Default Re: Unemployment in UK

Originally Posted by bimcnorth View Post
From doing nothing they are suddenly running hither and dither putting the blame on everyone but themselves, and they are supposed to be running the financial watchdogs and regulators..
That's what they get for buying into the idea that the Thatcher consensus couldn't be challenged.

As a last resort they end up with printing more and more money which might end all hope of the pound (currently undervalued) bouncing back.
Which in turn makes global money markets uneasy so instead of considering moving money back into the undervalued pound they have adopted a wait and see attitude.
"end all hope"?? And on what basis do you say the pound is undervalued?

The global money markets right now are more or less being run according to flights to and from the dollar as confidence waxes and wanes, with a few side shows (Iceland, Korea (weak), Japan (strong)).
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Old Mar 23rd 2009, 8:40 am
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Default Re: Unemployment in UK

Originally Posted by BangleMan View Post
Above 2 million for the first time since 1997 up 138,400 in February biggest increase since comparable records began in 1971.

Average earnings including bonuses grew at the weakest annual rate since records began in 1991. The single month annual rate actually fell -- the first fall on record.

Bank of England policymaker David Blanchflower thinks there could be one in 10 people out of work by the end of this year.

"It's clear that the data is absolutely dreadful," said Amit Kara, UK economist at UBS. "Going forward we expect unemployment to rise well in excess of three million through next year."

"These are tough times, these are very bleak figures," said employment minister Tony McNulty.

No shit?? Last one turn out the lights me thinks...........
I remember the well run Tory General Election campaign of 1979, with posters showing huge queues at the unemployment office - the slogan was Labour Isn't Working. At that time, the unemployment rate was just over 1 million ( IIRC ) . A couple of years after Thatcher got elected, the unemployment figures rose to over three million.

Here was have potentially a Labour government overseeing up to 3 mill out of work. Wonder how history will repeat itself this time?

When's the next General Election due?

Now, we have a Labour government overseeing possi
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Old Mar 23rd 2009, 8:50 am
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Default Re: Unemployment in UK

Originally Posted by nottmbantam View Post
When's the next General Election due?
Any time between now and 3 June 2010. Depends on when the Prime Minister requests HM to dissolve Parliament and call it.....

Last edited by Shehryar; Mar 23rd 2009 at 8:53 am.
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Old Mar 23rd 2009, 9:47 am
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Default Re: Unemployment in UK

Originally Posted by Shehryar View Post
Any time between now and 3 June 2010. Depends on when the Prime Minister requests HM to dissolve Parliament and call it.....
God, Im such an idiot.. I have only realised your name is a play on the phonetic spelling of Sharia.....
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Old Mar 23rd 2009, 9:50 am
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Default Re: Unemployment in UK

Originally Posted by TGFKASE View Post
God, Im such an idiot.. I have only realised your name is a play on the phonetic spelling of Sharia.....
Errmm.. hopefully you aren't and no it isn't.

Two completely different words from two distinct and different languages.

Anyway.
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Old Mar 23rd 2009, 9:53 am
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Default Re: Unemployment in UK

Originally Posted by Shehryar View Post
Errmm.. hopefully you aren't and no it isn't.

Two completely different words from two distinct and different languages.

Anyway.
Ah, just an unfortunate coincidence....
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Old Mar 23rd 2009, 6:14 pm
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Default Re: Unemployment in UK

Originally Posted by Shehryar View Post
Any time between now and 3 June 2010. Depends on when the Prime Minister requests HM to dissolve Parliament and call it.....
Maybe we can get a PM who was elected by the people instead of the one in the hot seat at the moment !
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Old Mar 23rd 2009, 8:05 pm
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Default Re: Unemployment in UK

Originally Posted by BangleMan View Post
Maybe we can get a PM who was elected by the people instead of the one in the hot seat at the moment !
Our system doesn't work like that... a ruling party could change leader the day after a general election and they'd be nothing that could be done about it.
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