Unemployment in UK
#1
Hammer for Life
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Joined: Oct 2007
Location: Too far away from Upton Park, for my liking !
Posts: 5,524
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...........
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...........
#2
Re: 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...........
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...........
#4
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 .
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 .
#5
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.
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.
#6
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...
Doesn't mean they're wrong of course, but most of it is their opinion...
#7
Re: Unemployment in UK
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.
#8
Re: Unemployment in UK
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.
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.
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)).
#9
Re: 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...........
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...........
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
#14
Hammer for Life
Thread Starter
Joined: Oct 2007
Location: Too far away from Upton Park, for my liking !
Posts: 5,524