The Chartered Institute of Personal Development’s latest forecast predicts that unemployment levels in the UK will peak at 2.8 million in 2010. They believe the number of individuals who are out of work will continue to rise for at least the first 6 months of 2010 despite the encouraging signs of recovery many economists claim to have witnessed in the 4th quarter of 2009.
The figure of 2.8m is well below the CIPD’s previous prediction earlier this year when they felt that as many as 3.2 million individuals could be unemployed as a result of the deepest recession in living memory. By December 2009 the number of unemployed individuals in the UK stood at 2.49m (7.9% of the total workforce) and is still rising as factory closures and company collapses continue to dominate the financial pages. For those who remain employed there is the very real prospect of below-inflation pay rises and a reduction in benefits, training and subsistence allowances as organisations try and keep salary costs to a minimum.
Dr John Philpott, chief economic adviser to the CIPD, said it was a “remarkable” that unemployment had not taken off further, given the scale of the downturn. He went on to say that he felt that “the labour market is a lot more flexible than it was in the past…..as employees take wage freezes or pay cuts or shorter hours in order to stave off redundancies”.
All this could of course change if the economic recovery stalls or a change in Government at the next election impacts public spending immediately. To that end Debt Advisory Line continues to expand its operations and has recently opened a new office in Stockport and continues to recruit new advisors and staff.
Debt Advisory Line who were recently named as the Debt Management Provider of the Year for the second year running receive hundreds of calls and enquiries every week from individuals who are struggling with debt and increased stress levels after finding themselves unable to manage their debt burden based on their available income. Many make contact after a redundancy, factory closure or other event brought about by the global economic crises. These new victims are often unable to pay utility bills, credit card balances, overdrafts and unsecured loans.
Debt Advisory Line encourage anyone experiencing debt problems to take a look at their web site at www.debtadvisoryline.co.uk to learn more about debt management and the various options available to reduce and eliminate debts. Alternatively, they can call for free advice on 0800 157 7254.
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