14-year unemployment high
The three months to May have reported the worst United Kingdom employment figures since 1995. 281,000 people claimed unemployment which took the total to 2.38 million. Youth unemployment jumped to a 16-year high of 726,000 after a quarterly rise of 95,000. The most staggering statistic is the number of people out of work for longer than a year, which rose from 46,000 to 528,000.
The recession is taking its toll on the number of unemployed as it reflects the increased number of companies going down or struggling to stay afloat. The future employment numbers look even bleaker as a new generation of school and college leavers soon start to look for work. The unemployment crisis will inevitably get worse before a much needed turn around takes place.
Pitiful unemployment figures have the sterling exchange rate at EUR1.1638 and USD1.6360.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.