The impact of the international financial crisis has hit the UK critically. The number of unemployed in the UK rose to 2.57 million between June and August this year. This is an increase of 114,000 within 3 months which is a 17-year high. Among the unemployed 991,000 are youths between 16 to 24 which is 21.3% of the unemployed.
The number claiming benefits rose to 1.6 million in September while figures show a record cut in the number of part-time workers, down by 175,000, and there was also a record reduction of 74,000 in the number of over-65s in employment.
According to economists the UK is suffering one of its worst ever periods of financial turmoil. According to them the economy was likely to get steadily weaker throughout the rest of this year. They warn that unemployment has turned into a full-blown crisis – with job losses not seen since the darkest days of the recession.