Bad News,as usual, for Gordon Brown but some good news for the pound. Official figures have shown that Unemployment in the UK has increased by 43,000 to some 2.5 million during the three months to February 2010. But at the same time there is an unexpected decrease in the numbers of people claiming unemployment pay. A much lower drop in the figures than anticipated resulted in an immediate effect on Sterling which rose by nearly one cent to 1.1501 euro to the £. Despite all the bluster that Gordon Brown is the best thing since sliced bread the jobless total is now at its highest since 1994. That is 3 years before the Labour Government came to power in 1997. The Office for National Statistics has announced that the UK unemployment rate now stands at some 8% - which is the highest since 1996. It is interesting that the total number of people claiming unemployment benefit fell in March 2010 by 32,900 to 1.54 million which is a much higher fall than was expected. How ever when you look closer at these figures they reveal an even more gloomier picture. Unemployment among the over 50 age bracket rose by 7,000 to 396,000. Youth unemployment rose also by 4,000 on the previous quareter to 929,000 for the age range 16 to 24 who were out of work in the December to February period There has also been an increase in the number of people who are classed as economically inactive. They are defined as those people who out of work but are not actively seeking work. They increased by 110,000 to another record total of 8.16 million which is equivalent to 21.5% of the population. The rate of inactivity for the quarter to February 2010 was 21.5 per cent. The last time we saw this rate was in the quarter to October 2004. The number of working age people who are inactive has increased by 110,000 over the last three months to reach a record high of 8.16 million. It would appear that this increase in inactivity has largely been driven by the number of students who are not actually in the labour market which increased by 71,000 on the quarter to reach 2.30 million. Commenting on the figures, the Labour Governement's Work and Pension Secretary Yvette Cooper, stated that the figures were in line with the government's expectations. She went on to say "What this shows is that we are not out of the woods yet," and stated "That's why it is so important that we keep increasing the support for the unemployed, but also that we sustain the overall support for the economy." I am not sure what wood she is referring to as I thought the Government were all at Sea having sent the Navy to Spain to rescue the stranded tourists yet another political farce. Theresa May who is the shadow work and pensions secretary for the Conservatives, has stated that it was "grim news for tens of thousands of families up and down the country". She went on to say "A clear sign that the government's policies aren't working" Well that is not a surprise is it? Lets face it we have a Prime Minister who was the Chancellor of the Exchequer before that who has brought us to economic bankruptcy. In the last week he has sent the Royal Navy to Santander in Spain to collect stranded British tourists. He announced on Monday that there would be 100 coaches at Madrid to bring British travelers caught in the volcanic ash fiasco to the Channel Ports as is usual with his statements that was not true.
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