ONS figures shine spotlight on need to tackle unemployment

With the ongoing euro crisis and weakened global economic growth, ONS unemployment figures are gloomy.

With unemployment levels rising by 128,000 to 2.64million, businesses around the country won’t find comfort in today’s ONS figures which reinforce the gloomy state of Britain’s economy. Businesses’ views are supported by the recent survey published by ‘Manpower’, stating the outlook for jobs in the current climate has worsened. Out of the 2100 employers that took part in the survey, four out of five businesses had no plans to hire workers in the next three months. With unemployment continuing to be a highly debated issue, the job market, especially for young people out of work, has never been more competitive. Most concerning though according to Liz Field, CEO of the Financial Skills Partnership, is that the financial services industry is the most pessimistic in terms of job creation.

Liz Field said, “The financial services industry is Britain’s economic engine. Amounting to 10 per cent of the country’s GDP and responsible for one in every nine pounds of the Treasury’s tax revenue, it is alarming that the flatlining in the jobs market has so adversely affected one of Britain’s most important sectors.”

The unemployment figures maintain the spotlight on the concerning trend that young people in the 16 to 24 year old age bracket are disproportionately affected by the stunted economic growth plaguing Britain. The young find it increasingly difficult to find employment.

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Liz Field said, “The growing problem of unemployment affecting 16-24 year olds makes it all the more urgent that the jobs crisis is addressed. Drastic measures are needed to reverse this worrying trend that is rapidly damaging growth prospects of the UK. The FSP continues to work with employers to help create opportunities for young people through placements and developing appropriate apprenticeships that will provide work opportunities and the essential skilled talent needed to maintain the importance of the finance sector to the UK economy.”