UK unemployment benefits rise most in 15 years

| 16 July 2008 05:34

When people start losing their jobs, spending goes down. Nothing ties this credit crisis to the real economy like unemployment. And in the UK, it’s rising fast.

The Office for National Statistics said the amount of people claiming Jobseeker’s Allowance increased by 15,500 to 840,100 in June.

It is the biggest monthly rise since December 1992 and the fifth consecutive rise in the claimant count, the ONS said.

-Sky News, 16 Jul 2008

Certainly, this is another chink in the armour. In the EU, I see Denmark, the UK, Ireland and Spain all as being in recession.

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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