The UK is facing some of the highest unemployment in the recent decades. There are more than 1 Million youth in the UK who are unemployed. While there are schemes such as work experience that the government is trying to pursue and overcome all the criticisms, there is no sign of the unemployment situation improving in the UK.
Some of the positive news was that Tesco announced that it will be creating 20,000 new jobs and also the possibility of a double dip recession is fading, why then is the British Chamber of Commerce (BCC) predicts that the unemployment will increase to 2.9 Million in 2013. This would mean additional job losses of over 230,000.
The BCC has analysed the current situation and summarises that while most businesses are trying their best to drive recovery, the burden is fully on them. There is no way anyone can expect any government intervention. In fact if anything it is expected that private sector will start delivering public sector services such as the ones discussed in the NHS reforms, managing police stations, educational services to pensions. In order to bring about a sustainable recovery, the business need right conditions that will empower them to invest and create more jobs. Unfortunately a lot has to be done to restore that confidence. Until that confidence is restored, unemployment will continue to rise.
Kesh Thukaram, Director of Best Insurance commented on the BCC forecasts and said that in order for the economy to recover the confidence in the market is crucial. Most of the innovation and employment in the UK comes from the small to medium enterprises. Until the Government finds a way to assist the banks start lending to small and medium enterprises, the cash flow circulation which has constricted will continue to remain. He also added that more and more people are now realising that the uncertainty in the job markets is to stay for the medium term and rather than trying to talk themselves into a false sense of security or ignoring the reality, people have started to invest into an unemployment insurance or redundancy insurance.
Various forms of income protection insurance and payment protection insurances are available that allows people to not only protect themselves against unemployment but also against accident and sickness. Unemployment insurance pay upto 12 to 18 months benefits and most insurers allow the policy holders to cover upto £2,000 to £3,000 depending on the provider.
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