UK unemployment still rising

Unemployment in the UK continued to rise in the three months to September, although the 30,000 increase was the smallest since May 2008.

The Office for National Statistics (ONS) says the total number unemployed during the quarter had now reached 2.46 million.

In addition, the ONS figures reveals the number of people out of work for longer than a year had risen by 71,000 to 618,000 in the three months to September; the highest level for 12 years.

Nick Hopkinson, director of Property Portfolio Rescue (PPR), responds to the ONS Labour Market Statistics on unemployment, released today: “Rising unemployment continues to quash any realistic hope of a sustainable consumer led economic recovery in the UK any time soon. The latest jobless data of 2.46 million is the highest in 14 years. More worryingly, youth unemployment is at record highs and the number of people remaining out of work for more than 12 months hit its highest level in over 12 years.

 “Household incomes are growing at the slowest rate on record. Combined with tax rises and large public spending cuts looming large in the next few months, it is very difficult to see where any credible economic growth will come from. Meanwhile, tax payer funded banks are making windfall profits, rationing lending to those who need it most and shedding staff at the same time.”