17th March 2010: PPR - Jobs and household incomes shrinking still

“Today’s UK employment statistics make depressing reading. The percentage of the population in gainful employment is now the lowest since 1996. Long term unemployment is also the highest it has been for 13 years. The apparent “good news” of a drop in the overall unemployment count is directly at odds with the number of economically inactive people and is more likely a reflection of the way the statistics are measured than any genuine improvement in the labour market. Household incomes are coming under severe pressure with part time work being the only available option for many.

 

“Many Struggling homeowners are suffering serious inflation currently with the prospect of tax increases and spending cuts looming large after the general election. Against this background, house prices are at risk of falling and the threat of repossession is ever present for many. Unless the government and banks make affordable credit realistically available to small businesses and individuals I fear further unemployment misery is inevitable for many thousands.”