UK Sees Steep Rise in Unemployment

UK is reeling under growing massive unemployment. The job loss rate in UK has more than doubled in the past years. On an average, each job is being chased by at least 10 jobseekers. In Fx Trading pound rose for a fourth day against the dollar today.

According to the trade union body there a year earlier it was only 4 people seeking a job. At other council areas there are at least 20 people per job vacancy. In other figures, between January and March this year, there have been two million unemployed people in the UK.Job loss rate has already climbed to 8.1% in the U.S.

The decrease in job vacancies has been equally shocking.”The government can no longer claim there is plenty of work available when there are as many as 20 dole claimants per job centre vacancy in parts of the country" said the Trade Union General Secretary.

According to The British Chambers of Commerce (BCC), over the second half of the next year, more than 10% of the total workforce in Britain can be without a job.

UK is witnessing the first recession since 1991.

UK economic output fell by 1.5% in the last three months of 2008, after a drop of 0.6% between July and September. This met the widely accepted definition of a recession - two consecutive quarters of negative economic growth.