The office of National Statistics revealed today that the number of unemployed people in the UK rose to 2.49 Million. The numbers have increased by 38,000 in the three months to June 2011.
This number has come as a surprise to many analysts as there was a widespread belief that the number of people unemployed would fall this month. The normal recruitment has been far more positive in the last three months and the Bank of England recently announced that there were more people employed in the private sector in the last 12 months than the number of people made redundant by the public sector.
The opinions from the experts are ranging from UKsí economy is for an inevitable downturn for the next few months to the more optimistic ones which say that this is a fall out of the impact on what is happening in the US and Europe, global employers are vary but the UKís economy in relative terms is viewed strongly and hence just a temporary blip.
It is also worrying that the number of people claiming Jobseekers allowance rose by 37,000 in July to 1.56 Million; it has been the biggest rise for the last 2 years i.e. since May 2009. The two bad numbers mean that the government has a lot of explaining to do about the economy.
Kesh Thukaram, Director of Best Insurance said that the numbers were very disappointing. We are on a verge of a very fragile recovery and the last thing we want is another round of depressed economy. The rising inflation numbers coupled with higher unemployment is really is not a good recipe for the economyís growth.
All these are having its inevitable impact on the income protection insurance market. The numbers of people looking for income protection is steadily rising. There is an element of affordability and people who have bought income protection insurance policies are looking around for deals but the freeze in the banking sector and continued low confidence in the business markets means that many businesses are reluctant to take on full-time employees and many people tend to work for less than 16 hours a week.
Best Insurance recently announced that it would reduce the initial exclusion for its income protection insurance range of products called as key stone from 90 days to 60 days which has increased the number of enquiries being made. Best Insurance is well known in the UK market for its unemployment protection insurance range of products and for its quality advice on income protection insurance and payment protection insurance range of products. The unemployment insurance products also protects against accident and sickness. While many people tend to search online and settle down for a cheap and cheerful unemployment protection insurance, Best insurance advices people to speak to an advisor and get all the questions answered before making a commitment.
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