UK unemployment could reach 10%
Brits could soon be struggling even more to find work.
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Tuesday, 31, Aug 2010 01:50
By Chris Malone
New research has revealed the bleak future of the UK jobs market by showing that as many as one in ten Brits in certain areas could be unemployed by 2015.
The Centre for Economics and Business Research (CEBR) figures revealed that joblessness in half of UK regions could reach ten per cent within the next five years.
While London and the south of England are expected to avoid many of the expected employment cuts, Wales and northern England could be particularly affected.
Even in the less affected areas, unemployment could reach seven or eight per cent, the study noted.
The capital will become even more important to the UK economy and will represent about 20 per cent of economic activity by 2015 due to the predicted boom in financial services.
Elsewhere, the rest of the UK is expected to see a fall in fiscal productivity, with the north-west struggling most.
"Those regions which are currently very dependent on the public sector are likely to suffer a lot more as the public sector gets cut," CEBR chief executive Douglas McWilliams explained to BBC News.
In other news, the Bank of Scotland has predicted a slowdown in Scotland's economic growth towards the end of 2010.