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UK | Almost 1 M persons out of work for more than a year by end of 2012 says IPPR

IPPR urges ‘job guarantee’ to tackle ‘hidden crisis’ of long-term unemployment

Almost a million people will have been out of work for more than a year by the end of 2012, according to new analysis by the think tank IPPR.

The think tank is today raising the alarm over the growing number of people who have been out of work for more than a year, which IPPR predicts will rise by another 107,000 by the end of this year to a total of 962,000, the highest since the end of 1995.

If unemployment rises again in today’s statistics, as the Office for Budget Responsibility (OBR) predicts, it will be the tenth month in a row the jobless total has risen. The UK’s unemployment rate (8.4 per cent) is already the worst for 17 years but the OBR says it will rise to 8.7 per cent by the end of the summer. With a total of 2,666,000 people already unemployed, IPPR analysis published last week showed that another 100,000 people will be out of work by the end of the summer.

IPPR says that long-term unemployment is “the hidden crisis of the slowest ever economic recovery”. New IPPR analysis shows that if total unemployment is likely to peaks at 2.75 million and the proportion of those unemployed for more than a year is likely to go back up to the peak seen at the beginning of 2011.

Total unemployment has increased by 148,000 over the last year and forecasters, including the OBR, say it will increase by another 100,000 before peaking in the summer. It is then expected to stay at this peak level until the middle of 2013.

IPPR says in such a tough labour market, it is inevitable that many of the people who have lost their jobs in the last 12 months will struggle to find new ones and will eventually join the ranks of the long-term unemployed…

Source:

Read more @ Almost a million out of work for more than a year by end of 2012 > Press release :: IPPR.

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