News Unemployment Benefits
What is the news about the benefits of long-term unemployment – today?
So now people are going to get more than 2 years unemployment? Really?
I do not know that for two years.Time claim for me fired.
News Unemployment Benefits
Since the last recession ended in the fall of 1992, the British economy has enjoyed the longest period of economic growth continuously since records began. After strong growth of 3.2% in 2004, economic growth in 2005 was lower than expected in only 1.6%, but growth is expected to increase to 1.8% in 2006 and 2.4% in 2007.
Source (National Statistics)
The important feature of growth the UK economy is that we seem to have avoided the cycles of boom and economic crisis that characterized the post-war. Since 1992, economic growth was generally relatively close to the rate of long-term trend of 2.5%. This should help to increase stability in the long term investment decisions.
However, a disadvantage for economic growth is that many economists argue that it is unbalanced. The manufacturing sector continued to results provided the main engine of growth often consumer spending. For example, the end of 1990, the sharp rise in the housing market fueled consumer spending. Also interest rates to 4.5% (in 1991 reached 15%) of consumers have been encouraged to borrow more. This led to a decline in the savings rate to a record level of 4.0% in 2000 (against 12% in 1980). Since 2000, the savings rate recovered somewhat to 4.7%, but remains very low, with record levels of spending on credit cards. This means that the UK economy is very sensitive to any increase in interest rates that may occur during the next 24 months.
Unemployment
Unemployment has declined significantly since 1992, when the number of beneficiaries has reached over 3 million unemployed. But after reaching a historically low unemployment rates in 2004 begins to increase gradually. The Office for National Statistics (ONS) said that many of unemployed increased by 72,000 to 1,490,000 or 4.7% in the three months to October. Governments use less reliable measure of unemployment (The claim for benefits – JSA), unemployment was 902,000 in November, the tenth consecutive month that has been raised. More worrying is the fact that the number of economically inactive has increased to record levels. This puts pressure on public finances (to pay more and receive less tax benefits). Unemployment Outlook for the future remains uncertain. If growth remains below trend for much work to be missed, especially in the manufacturing beleagued. Without However, if growth resumes the upward trend may be terminated. Also, many economists believe that natural resources unemployment rate in the United Kingdom fell through flexible labor market has increased and supply policies successful 1980 and 1990. The unemployment rate in the United Kingdom still compares favorably with the EU economies like Germany and France, where unemployment is almost double the figures.
Inflation
Inflation in the United Kingdom remains Governments around the goal, despite the persistence of high oil prices. In December, CPI has been reduced to two.% Below 3% during the end of 2004. This could lead to the prospect of future interest rate cuts, that the company disappointed the last MPC meeting of the CCP, maintaining interest rates at 4.5%. Regarding the outlook for next year, some analysts fear that if there was a significant decrease in oil supply from Iran (for political reasons) oil prices could continue rising to $ 100 a barrel. At these levels is likely to lead to cost inflation Push below. However when the forecasts are guesswork. There is also a lot of downward pressure on inflation powerful as competitiveness prices from China, growth in low wage labor market and a moderation in the housing market.
Public finances
Despite 15 years of growth economy, the government has been forced to borrow more than expected. The results of the preliminary draft budget proposed for 2005 / 6 is net borrowing of £ 37.0 billion. (The deficit in the current budget showed a deficit of £ 4.0 billion in December 2005)
This indicates the government is close to breaking his golden rule for borrowing and the chancellor may be forced to raise taxes or cut spending if finances do not improve. As% of GDP in public sector debt has increased by 30% in 2001 to 37% in 2005. However, what is much lower than other OECD countries as
Germany: 4.2% GDP
France: 4.2% of GDP
United States: 4.9% of GDP
Japan: 7.4% of GDP
(2003 years)
http://www.statistics.gov.uk/cci/nugget.asp?id=206
current account deficit
current account deficit has increased in the last quarter of 2005 to 3.5% of GDP, due party insurance payments by Hurricane Katrina. It is the largest deficit since long. In the long term increase in the deficit could pose obstacles in the low interest rates and growth, even as the United States the United Kingdom has been able to ignore the current account deficit, without much side effects
Conclusion
Despite a moderate increase in unemployment overall prospects for the UK economy remains positive. With a backdrop of low inflation and stable economic growth, economic growth is very likely to contain the creation of jobs for the year 2007. If inflation continues to be close to the government objective is also very likely that interest rates will be able to lose a fraction. The main cause of concern with the economy the UK is the relative weakness in manufacturing and industry in general. It is therefore difficult to reduce current account deficit and may cause more job losses in some sectors of the economy.
– R. Pettinger 13/02/2006
See also blog about href = "http://www.economicshelp.org/econ.html"> state of the economy of the United Kingdom in 2007
Richard is an economics teacher in Oxford and member of the Sri Chinmoy Centre. He writes on several areas of economics. Including more of latest UK Economic trends: http://www.mortgageguideuk.co.uk/blog.html
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Unemployment Benefits Jobs News – EmploymentCrossing.Com
