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Articles
Government borrowing to swell
Written by Denis O'Donnell   
Saturday, 21 March 2009 11:35
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£10 notes The government has limited scope to implement its planned stimulus package as borrowing soars, according to a key economic think-tank.

The Ernst & Young Item club forecasts that net borrowing will rise to £180bn in the forthcoming tax year and will exceed the chancellor's own prediction.

It said that public finances were deteriorating "at an alarming rate".

Shadow chancellor George Osborne called it "the worst fiscal mess any British government has created in peacetime".

The Item club also called for a temporary cut in national insurance contributions to encourage businesses to hire staff.

Last Updated ( Saturday, 21 March 2009 11:39 )
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UK Unemployment hits 2 million
Written by Denis O'Donnell   
Saturday, 21 March 2009 00:14
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Queue outside a job centre

UK unemployment has risen above two million for the first time since 1997, official figures have shown.

During the three months to January, the number of people unemployed totalled 2.03 million, up by 165,000, said the Office for National Statistics (ONS).

For February, the number of people getting jobseeker's allowance added a record 138,400 to reach 1.39 million.

There are now 10 jobseekers for every vacancy advertised in UK jobcentres, the TUC claimed earlier this week.

The ONS added that the unemployment rate jumped to 6.5% between November and January.

Unemployment is rising as the first recession in the UK since 1991 continues to bite. Many economists now predict it will go above three million next year.

Last Updated ( Saturday, 21 March 2009 11:40 )
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