Debt and unemployment in the UK
Debt and unemployment has sent The United Kingdom to economic hell and back. Debt has ravaged the cities, poverty scourged the streets, pension-less retirees huddled together trying to keep warm. Loan Sharks and Financial Institutions have dominated the country like overlords, while the helpless citizens clutched at credit cards and payday loans like they were the last crumbs of bread. Back in 2011 things looked very bleak, so much so that the experts projected doom and gloom for years to come.
Back then governor of The Bank of England, Sir Mervyn King foresaw the “journey to a more balanced world economy” as being a “long and arduous journey”.
2011 saw record lows in the UK economy with overall unemployment figures at their lowest since 1988. In September 2011 there were a total of 2.62 million people unemployed in the UK.
To the great surprise and delight of this united island the economy has made a miraculous recovery. For the first time in almost a decade the UK is experiencing an impressive fall in unemployment figures. Let’s take a look at the numbers.
In July 2013 unemployment rates for the following areas stood at:
- Wales 6.9%
- Scotland 7.5%
- Northern Ireland 7.8%
- England 7.8%
In comparison the unemployment numbers for July 2014:
- Wales 7.2%
- Scotland 6.9%
- Northern Ireland 6.3%
- England 6.5%
It may seem strange that the unemployment in Wales has actually risen from last year, but if we look at the big picture, Wales peaked at an all time high in 2010 at 9.4%, so they are still doing well all things considered.
Good solid growth for the UK economy is definitely in the making. Experts agree that due to the fact that a large percentage of the newly employed in Britain are in actual fact people starting their own businesses. These entrepreneurial endeavors, in turn will generate even more new jobs and boost the economy further.
High levels of youth and female employment in Scotland
Scotland is experiencing the highest level of youth and female employment in recorded history. 36 000 women and young people have been employed since the beginning of the year. In Wales, the Jobs Growth Wales programme (JGW) s responsible for over 10 000 new jobs this year alone. Mr. Crabb, a conservative MP is pleased to announce that the rate of unemployment among young people in Wales is falling faster than elsewhere in the UK. Although the economy in Northern Ireland is still somewhat delicate and the progress slow it does remain constant.
Interestingly, experts also blame the summer of 2013. Evidently the amazing weather that swept the fair shores of the United Kingdom encouraged everyone to venture out of doors, frolic in the sunshine, and spend loads of money on ice-cream!