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Youth unemployment at a staggering 20.5%

As per the latest figures released by the Office for National Statistics (ONS), the unemployment in the UK rose by 44,000 to almost 2.5 million in the three months to the end of December 2010. 

The unemployment among youth i.e. 16 to 24 years old, increased by 66,000 to a new high of 965,000. The youth unemployment rate at 20.5% is one of the highest since records began. Unsurprisingly, the number of people claiming job seekerís allowance also increased by 2,400 last month to 1.46 million. Compounded to this, number of people in part-time work rose by 44,000 to 1.19 million, another high since records began in 1992. Long term unemployment increased by 17,000 to a total of 833,000. This brings the number of people between age group 18 to 65 who are employed to less than 30 Million. 

While unemployment increased in England and Wales, it fell by 13,000 in Scotland. 

Most economists comments were along the lines that the UK labour market figures indicate that the economy without doubt has gone into a reverse gear. Most analysts still expect unemployment to rise in the coming months, largely because of public sector spending cuts implemented by the government, which are designed to bring down the UK's budget deficit.

Stuart Boseley, Director of Best Insurance, commented that it is really painful to see the unemployment figures rising every month. We are trying hard to educate people and help them with suitable income protection and payment protection insurance products which can be used as a fall back. 

Best Insurance is one of the leading providers of redundancy insurance and offers a wide ranges of cover for income protection and payment protection.  

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