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Riots in UK – is there a link with rising Unemployment?(12-Aug-2011)

The riots across various cities of UK this month has raised all sorts of questions right from the effectiveness and leadership of the police forces to social dynamics in some specific towns to whether the cause of riots is linked to the killing at Tottenham.

One thing that is certain is such riots have been unprecedented and has come as a shock after several decades of peaceful co-existence in the British streets. It is also certain that the riots have impacted the UK economically and socially.

While several political analysts have been quick to draw comparisons with the French riots especially in the suburbs of Paris in 2005, the Bank of England Governor Sir Mervyn King says it is deeply irresponsible to make such connections and blame the riots on unemployment.

There is growing anger that the government is not looking at the core issues and the anger is pent up due to increasing costs of living, increasing tuition fees, drastic cuts by the government and also poor employment opportunities. There is little doubt that some communities and towns are hit harder and also no doubt that the economic instability and depression is taking its toll.

The Chancellor and other economic pundits continue their rant that the recovery will be more painful and prolonged than every anticipated and people should accept and learn to cope as we will emerge as a stronger economy. Sir Mervyn King was also right to draw attention to some of the facts which are a reflection of reality. As per him, over the last 12 months, the private sector in the UK has created over four times more jobs than has been shed in the public sector. Official figures show that the private sector employment rose by 540,000 in the last 12 months to the end of March 2011 and the public sector workforce shrank by just 125,000.

Kesh Thukaram, Director of Best Insurance commented that only an impartial and full investigation can reveal whether the recent riots in the UK are criminal violence or release of pent up anger by unemployed youths, however what one cannot deny is that the unemployment in the UK is at one of its highest levels and it’s not easy to find new jobs. So people who lose jobs have to wait longer and try harder to find another job. He added that people should be proactive and not get carried-away when they are busy just doing their jobs. If people do not have savings, they should be prudent and protect themselves using the vast range of income protection and payment protection products that are available in the market.

Income protection insurance is valuable for people who do not have any specific major out-goings every month such as mortgage, rent or loans and would want a protection for their income. The other key feature of income protection insurance is the flexibility of using the insurance for anything that is necessary including all life-style expenses. The Payment protection insurance allows people to buy the policies at a lower price but they have to list all the expenses. What users of such policies should bear in mind – regardless of whether it is income protection insurance or payment protection insurance is the moment, they stop paying their policy premiums, the insurance ceases to exist.

Best Insurance is a specialist income protection insurance and payment protection insurance provider. Advice to customers and providing them with a wide range of products is something that Best prides on.  Best Insurance have one of the widest range of income protection insurance and payment protection insurance. They also offer other covers such as life and critical illness and include income protection insurance and payment protection insurance.

The 12 months benefits that Income protection insurance and payment protection insurance pays gives sufficient cushion to people to look out for a job that suits their needs rather than forcing themselves to go in for the next available opportunity. Some Income Protection Insurance and Payment Protection Insurance policies pay out 18 months benefits but they tend to cost more.

Overall, it cannot be denied that if people have protected their incomes with an appropriate income protection insurance or payment protection insurance, lesser will be impact of recession and may ultimately lead to less stress and hopefully more peaceful society.