Projected rise in unemployment highlights the need for debt management
Projected rise in unemployment highlights the need for debt management
Tuesday 16th June 2009
The TUC's warning has come despite the fact that the UK economy is thought to be on the up.
However, the organisation said there would be a significant lag between economic improvement and increased employment.
In a statement on its website the TUC website said: "There has always been a lag between the economy starting to grow and unemployment beginning to fall.
"[This is because] cautious employers make use of capacity among existing staff before recruiting new employees and want to be sure of recovery before expanding their businesses"
The TUC's prediction comes as the Chartered Institute of Personnel and Development suggested 350,000 jobs may be cut in the public sector in the next five years.
Brendan Barber, TUC general secretary, said: "Some now say that we have a recovery, but even if this is not a false dawn, as others fear, it will be years before the thousands of people who have lost their jobs or who will lose them in months to come will see anything to celebrate."
The report goes on to say that the current recession is "already proving" to be worse than that of the 1990s and the fact that employment took seven years to recover to pre-recession levels then should be not be forgotten.
Mr Barber suggested that as a result of this, tackling unemployment must be the government's "number one priority".
News article brought to you by Debt1 – UK debt management specialists.
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