Latest Figures Paint a Positive Picture for UK Unemployment

Today the UK’s leading financial capability charity The Money Charity releases its Debt Statistics, giving an overview of the financial situation in the UK.

 

UK unemployment figures are exhibiting positive signs across the board, with rates falling proportionately amongst multiple factors including age, length of unemployment and redundancy.  According to new statistics, the number of people unemployed for over 12 months during the year ending November 2013, fell by 145 a day. And the number of economically inactive people aged 16-64 fell by 22,000 over the three months, and 75,000 over the year.

Figures released in the latest Debt Statistics also show that the number of jobless people in UK (between September and November 2013) fell by 167,000 from the previous 3 months, this is also down 172,000 from the previous year. During this same period, the number of people reporting redundancy fell 47,000 from a year earlier.

Where previously there have been drops in overall unemployment, youth employment has continued to remain high, however these latest figures reveal 733,000 economically active 18-24 year olds were unemployed between September and November 2013, down by 40,000 compared to the previous three months.

 

Michelle Highman, Chief Executive of The Money Charity, comments;

“These latest job figures are good news for the UK, and an encouraging way to start the new year. There is still a long way to go, but it is clear that the recovery is moving in the right direction.

Although it is fantastic to see people getting back into work, how long this good news will continue remains uncertain. Budgeting restraints on families and individual certainly aren’t going to get any easier with nominal wage growth significantly below the rate of price inflation, resulting in the longest period of falling real wages since 1964*. That’s why is there is no better time to get on top of your money, and start to look carefully at what you have coming in and going out each month.”

The Money Charity has a range of free tools and resources to help you get on top of your money (themoneycharity.org.uk). If at any stage you feel that your debt is becoming a problem contact a free debt advice agency such as StepChange Debt Charity (0800 138 1111).”

 

Latest figures include:

  1. £54,332: average household debt (including mortgages) in December, up from £54,287 in November
  2. £5,989: average household debt (excluding mortgages) in December, up from £6,009 in November
  3. £162 million of interest was paid every day on personal debt in December
  4. £1.437 billion: daily value of all plastic card purchases in November
  5. 1,227 people were made redundant every day between September and November
  6. 839,000 people had been unemployed for over a year, between September and November
  7. Every 5 minutes 3 seconds someone was declared bankrupt or insolvent
  8. £1.435 trillion was the value of outstanding personal debt at the end of December, up from the same period last year
  9. £65.25: the cost to fill a 50 litre tank with unleaded petrol in January 2014
  10. Every 18 min 15 sec a property is repossessed

You can get the full picture at http://themoneycharity.org.uk/debt-statistics/

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Notes to Editors:

*Data taken from An Examination of Falling Real Wages, 2010 – 2013; a publication from the Office of National Statistics. Please find full report here: https://bitly.com/