The double dip recession is now official. Based on the feedback from its customers and market sentiment, Best Insurance predicted about 4 weeks ago that the UK will be in a double dip recession and now officially it has been declared to be in a double dip recession.
The latest figures show that the economy has contracted by 0.2% in the first three months of 2012 and the economy contracted by 0.3% in the last quarter of 2011. The two consecutive quarters of negative growth means that the UK is now officially in a double dip recession. The only silver lining is that it can be argued that the economy has contracted at a lower rate in the first quarter of 2012 when compared to the previous quarter.
While the services sector increased its output by 0.1% and the production industries decreased by a marginal 0.4%, the output of construction sector decreased by a whopping 3%. Hence all finger pointing is towards the construction sector. However the success in construction sector is all dependant on affordability of people to buy new properties. As the construction of the new build properties have hit a rock bottom, it’s hardly surprising that this will impact the economy any different from what it has done.
Kesh Thukaram, Director of Best Insurance said, while we at Best Insurance predicted this long time ago, this is not at all good news for the unemployment situation in the UK. There are several companies who have held off investments due to uncertainty and this news is not helpful at all. The non-predictability of the Euro zone, the changing political landscape in France and Netherlands means that the current situation can easily spin out of hand. While it is arguable whether spending our way out of the trouble as the case has been with USA, in the short term i.e. in the next 12 to 18 months, unemployment is bound to increase.
Unemployment insurance offers benefits payments for up to 12 to 18 months and most unemployment insurance policies cover up to at least £2,000. While there are some unemployment insurance policies that covers up to £3,000, the quotes for such unemployment insurance tend to be prohibitively expensive. Stuart Boseley, Director Best Insurance warned people not to be complacent and says that many people are unable to buy unemployment insurance as they keep procrastinating and tend to fall within unemployment insurance initial exclusion period.
Best Insurance has a range of unemployment insurance policies and offers both income protection insurance and payment protection insurances. The unemployment insurance can also be taken by people on contracts and also those who are self-employed. Unemployment Insurance offers peace of mind and the comfort factor that it will pay the benefits until a new job is found and the wait is not too stressful.
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