Redundancy Insurance | Unemployment Cover | Best Insurance

Redundancy at record levels - No easy solutions on the horizon

Recent statistics released from The Office of National Statistics (ONS) on 16th Match is unfortunately gloomy. While there were no surprises in some of the numbers, there is growing unrest as there seems to be so solutions for these problems in the foreseeable future.

Some of the new record numbers are as follows:

  • The unemployment in the UK hits a 17-year high.
  • The current rate of jobless at 8% is highest since 1996.
  • Since 1994, when the records in the current format are being kept, the unemployment at 2.53 Million is at its highest. Leading to three months ending on January 2011, a further 27,000 were added.
  • The rate of unemployment amongst the 16-24 years old grew by 0.8% to 20.6% is a new record.
  • The rate of unemployment amongst 18-24 years old at 18.3% is also a new record.

In terms of the various parts of the UK, unemployment in Wales rose by 2,000; Northern Ireland rose by 4,000 and a staggering 38,000 in England. However, unemployment dropped by 16,000 in Scotland.

Economic productivity of 18 to 30 years old determines not only the long term prospects of any country but also impacts the overall competitiveness in the global market. Sadly, UK is breaking records for all the wrong reasons. Getting younger people back to work has to be a priority and more young people back into work will strengthen the economy, communities and families.

Kesh Thukaram, Director of Best Insurance commenting on the latest figures said, ìIt is really concerning to see new records of unemployment every month. Unfortunately this may only be the tip of the iceberg as the real impact of public sector job losses has not even started impacting the market.  As various government departments announce the job cuts, this figure is bound to rise in the short term. It is important that the government focuses on delivering some of the growth zones outlined recently. Combination of job creation by the private sector and government’s proactive support in this is vital to see a reverse trend in these numbers.

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