CREDIT CARDS

Unemployment hits a 16 year high as jobless total continues to rise

UK unemployment figures have risen by a staggering 48,000 in the three months up to December, bringing the total jobless figure to 2.67 million.

This is the highest level of unemployment since 1995. Figures from the Office for National Statistics (ONS) show that the rate of unemployment is 8.4%, the worst for 16 years.

The number of people claiming Jobseeker’s Allowance has risen by 6,900 in January to 1.6 million. This marks the eleventh consecutive month that the number of people joining the dole queue has increased.

Youth unemployment still poses a huge problem for the government as a massive 1.04 million 16-24 year olds are out of work.

A further 22,000 people became unemployed in the last quarter of 2011. However, this was a lower increase on the third quarter of 2011.

Despite the gloomy figures, they are not as bad as previously predicted. The 48,000 added to the jobless total was the lowest amount since June last year.

There were a significant number of women who claimed for Jobseeker’s Allowance and now the total figure stands at 531,700, the highest figure since 1995.

The statistics suggest that the number of employed people increased by over 60,000 in the three months up to December.

Liam Byrne MP, Labour's Shadow Work and Pensions Secretary, commented on the figures; “This Government is creating a jobless generation, with more young people out of work than ever before.”

"Today's figures make for grim reading for the millions of squeezed families desperate for good news on the economy.”

High unemployment does little to help already struggling Brits with their personal finances. Many are relying on credit cards and personal loans to cover the cost of everyday essentials as the cost of living continues to rise.

Tags: CREDIT CARDS, personal finances, personal loans, unemployment