Thursday 23 November 2017

UK's unemployment at highest level in 17 years

Austerity measures, prolonged economic weakness and a eurozone crisis have taken their toll on Britain's work force, with figures published Wednesday showing that unemployment has reached a 17-year high.

UK's unemployment at highest level in 17 years

Britain's government has staked its reputation on a strategy of cutting costs and jobs in the public sector while trying to boost private sector growth. Today's unemployment data, which show that unemployment is rising and that women and young people are hardest hit, raise doubts over whether that strategy is working, and leave Prime Minister David Cameron open to criticism that he is taking away opportunities for some parts of society.

The highest level since 1994, 2.64 million people were unemployed in Britain at the end of October — 128,000 more than in the previous quarter, according to government statistics.

Britain's unemployment rate is now 8.3 percent, up 0.4 percent on the quarter and at its highest level since 1996.

In particular, unemployment among 16 to 24 year olds has reached the highest level since records of youth employment began to be kept in 1992 with 1.03 million young people out of work.