Spike in unemployment figures fuels fresh fears for debt-hit Brits
Spike in unemployment figures fuels fresh fears for debt-hit Brits
Thursday 12th June 2008
Figures from the Office of National Statistics show that during that between February and April the number of people out of work rose by 38,000.
Of these, 20,000 were in the financial services sector, which has been hard hit by banks and buildings societies recording reduced profits.
However, the loss of 10,000 jobs in the manufacturing sector is deemed by analysts to be more worrying since this group is less likely to be financially secure in the event of a prolonged downturn.
Vicky Redwood, UK economist at Capital Economics, said: "The recent rises are likely to be just the tip of the iceberg.
"The risk of a vicious circle of falling house prices and rising unemployment is growing by the day."
Signs that the downturn is beginning to hit the real economy come at a time when millions of Britons are already struggling with rising credit card debt and soaring living costs.
Let Debt1 help solve your debt problems.
Related News
Overdraft fees adding to debt problems, claims finance site - 11/06/08
Millions of Britons are adding to their debt problems by regularly going overdrawn without permission, a survey has shown
Millions of Britons are adding to their debt problems by regularly going overdrawn without permission, a survey has shown
Brits feel pinch of higher rates on credit card debt - 10/06/08
Britons who come to the end of their the zero per cent term after transferring their credit card debt are being hammered by increasingly higher rates of interest, new research shows
Britons who come to the end of their the zero per cent term after transferring their credit card debt are being hammered by increasingly higher rates of interest, new research shows
Energy hikes deal fresh blow to debt-hit consumers - 09/06/08
Energy prices are set to rise again over the next twice months, in the latest blow to consumers struggling with higher credit card debt and loan repayments and soaring food prices
Energy prices are set to rise again over the next twice months, in the latest blow to consumers struggling with higher credit card debt and loan repayments and soaring food prices
Insurers predict surge in debt if PPI is reformed - 06/06/08
Revamping the way loan protection insurance is sold could force thousands of vulnerable Britons into debt, it has been claimed
Revamping the way loan protection insurance is sold could force thousands of vulnerable Britons into debt, it has been claimed
Borrowers urged to consider debt consolidation loans - 06/06/08
Consumers struggling with debt should consider a consolidation loan to help them manage their money more effectively, a credit rating agency has recommended
Consumers struggling with debt should consider a consolidation loan to help them manage their money more effectively, a credit rating agency has recommended
News Article Search
Quick Apply
News Archive