English Opinion

It was announced today that the unemployment level in the UK has hit an official 1.86 million, thus prompting economists to predict much worse to come in the New Year. These figures make grim reading for those individuals that have been made redundant in recent months and are currently looking for work. The future is not looking bright at the moment and the credit crunch will undoubtedly deepen following the Christmas rush.

Not a week goes by in which more job cuts are announced. Many large and small companies alike have filed for bankruptcy in the recent past, but the figures released today have not taken many of them into account. The 1.86 million figure was based on those claiming Jobseeker’s Allowance in October, which means those that have lost their jobs in November and December will not yet have been taken into account. Neither does it include those people that had been made redundant in September and not completed the 6 week period before they could claim. As such, the figures make the economy look more rosy than it should do.

I recently read that there was no credit crunch on the high street, despite unemployment figures sharply rising. Well, I have two words for you… It’s Christmas! Everyone finds money at Christmas because they have children to feed and buy presents for. They have families to buy for. As such, there is most definitely a credit crunch but it will not hit until January. Unfortunately, the spending now will give way to empty stores and scrimping and saving every single penny. Retail companies will collapse as a result of that and more jobs will be lost so don’t let any government statistics or false dawns fool you. It will get worse. The sooner we all begin to prepare for it the better.

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