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16/07/2008
Unemployment Figures On The Rise
Unemployment in the UK increased by 12,000 to 1.62 million in the three months to May, the latest figures have revealed.
The Office of National Statistics reported that the number of people in the UK claiming Jobseeker's Allowance rose by 15,500 to reach 840,100 in June. This was the largest monthly increase since December 1992.
The number of job vacancies also dropped to 655,100 between April and June.
Average earnings also increase by 3.8% in May, a slight drop from 3.9% the previous month.
Commenting on the figures, Shadow Secretary for Work and Pensions Chris Grayling said: "These unemployment figures are a really worrying indicator of the problems our economy is now facing. It's clear now that joblessness is on an upward trend and that's likely to make an already difficult situation worse. The government needs to quickly put in place effective back to work support for those that do lose their jobs and struggle to find another."
Liberal Democrat Treasury spokesperson Vince Cable said: "Ordinary people are now paying with their jobs for the economic incompetence of this government. For too long, Gordon Brown allowed both personal debt and house prices to spiral hopelessly out of control, and now the hangover is starting to kick in.
"An economy based so heavily on debt was never going to be in a fit state to deal with global shocks like the credit crunch. As the bottom falls out of the housing market, we are now seeing thousands of construction jobs being lost. If consumer demand continues to fall, this will spread across the whole economy.
"The Prime Minister needs to wake up to the economic reality and take decisive action to help all the families facing unemployment, rising bills and rocketing debts."
The news comes a day after it was revealed that inflation rose to 3.8% in May - well above the government's 2% target.
This has sparked fears that the Bank of England may raise interest rates.
(KMcA/JM)
The Office of National Statistics reported that the number of people in the UK claiming Jobseeker's Allowance rose by 15,500 to reach 840,100 in June. This was the largest monthly increase since December 1992.
The number of job vacancies also dropped to 655,100 between April and June.
Average earnings also increase by 3.8% in May, a slight drop from 3.9% the previous month.
Commenting on the figures, Shadow Secretary for Work and Pensions Chris Grayling said: "These unemployment figures are a really worrying indicator of the problems our economy is now facing. It's clear now that joblessness is on an upward trend and that's likely to make an already difficult situation worse. The government needs to quickly put in place effective back to work support for those that do lose their jobs and struggle to find another."
Liberal Democrat Treasury spokesperson Vince Cable said: "Ordinary people are now paying with their jobs for the economic incompetence of this government. For too long, Gordon Brown allowed both personal debt and house prices to spiral hopelessly out of control, and now the hangover is starting to kick in.
"An economy based so heavily on debt was never going to be in a fit state to deal with global shocks like the credit crunch. As the bottom falls out of the housing market, we are now seeing thousands of construction jobs being lost. If consumer demand continues to fall, this will spread across the whole economy.
"The Prime Minister needs to wake up to the economic reality and take decisive action to help all the families facing unemployment, rising bills and rocketing debts."
The news comes a day after it was revealed that inflation rose to 3.8% in May - well above the government's 2% target.
This has sparked fears that the Bank of England may raise interest rates.
(KMcA/JM)
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