Jobless total to hit 2m
Jobless total to hit 2m
Monday 18th August 2008
In its latest assessment of the UK economy, the British Chambers of Commerce (BCC) forecasts that over the next 18 to 24 months UK unemployment will rise by between 250,000 and 300,000.
This would bring the jobless total to over two million for the first time since Labour was elected in 1997.
The BCC is also predicting that the UK could fall into recession over the next two quarters, as soaring bills and higher repayments on loans and credit card debt prompt a slowdown in consumer spending.
Experts predict that the growing pressure on consumers' finances could prompt a surge in demand for debt solutions this year, such as debt consolidation loans and Individual Voluntary Arrangements (IVAs).
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