The Latest Financial News:
Economic crisis hits UK jobs
The British people have today been warned that they face a slow decrease in available job vacancies as the falling labour market has made employers cut short their plans to increase their work forces due to the crisis in Europe and the state of the United Kingdom economy. With employment opportunities at their lowest point for over half a decade the public sector is looking gloomier each day as the government continues to increase cuts across the board.
Employers across all sectors within the United Kingdom have stated they are holding back on employing new staff as the uncertainty of the economic fight back within the United Kingdom is forcing them to look elsewhere to other countries in Europe for cheaper and more effective labour. There has been a slow and increasingly painful decline in the UK job market as many of these companies are now employing a wait and see stance on their future expansion plans. There is one positive note within this stance as many of the smaller UK based firms have decided not to look to Europe for cheaper labour as with the euro zone being in a state of turmoil many of them have doubts on whether they will receive any value from a failing workforce abroad. This situation has a massively detrimental effect on the UK economy as record unemployment throughout the country has no sign of letting up with employers becoming increasingly vigilant with their budgets in the short term.
The government’s measure of employment prospects has also fallen today from three percent to one percent within the last quarter. During the economic recession unemployment has risen by a uncontrollable seventeen percent with many young individuals and university graduates finding it ever increasingly hard to find employment with no sign of this changing within the near future. Britain’s future work force is now facing a bleak future as employers hold back on employing them. With the total unemployment number set to rise by almost twenty thousand this month the overall feel is will this change in the near future as with Europe at a near standstill the United Kingdom economy cannot guarantee employment for a large majority of its younger work force and with companies unwilling to invest at this time many are doubting that this will change for a long time. Economists are looking at last month as the pivotal point of a slowdown on the economy.
The increase in people claiming job seekers allowance has come about due to employers rejecting ideas to employ new staff rather than them making workers redundant but either way this is not a good place for the British people to be in. The question on most peoples minds is when will the current crisis end if ever and how will it effect their lives in the short to long term, a decrease in wages has already come about in most professions which could have the roll on effect of younger people not wishing to train for that industry. Whatever happens the country cannot continue to sustain the unemployed for too long a period especially with the economy being standing the way it is right now.