Unemployment has risen to its highest level for 17 years, according to official figures.
The Office for National Statistics recently published figures showing that 114,000 more people have become economically inactive between June and August this year. The unemployment rate has increased by a staggering 8.1%, according to the new figures.
Unemployment levels have not been as bad since 1994 and young people have been hit the hardest.
The shocking figures reveal that youth unemployment has hit record highs, almost touching the 1 million mark recently. One in ten young people aged 16-24 are currently out of work. Youth unemployment makes up 21.3% of the total jobless market as a staggering 991,000 young people are out of work.
The employment rate was at its highest in the East and South East, and at its lowest in the North East.
In the three months to August there were 9.35 million people out of work between the age of 16 and 64.
The delayed impact of the recession on the UK economy has been made clear by the recent jobless figures.
Deep job cuts to the public sector will also have a huge impact on the unemployment figures for years to come. More than 300,000 public sector jobs are to be cut in the next few years and the UK economy is on the brink of another recession. This could push the country over the edge into serious debt.
Debt Management
As the cost of living soars with higher inflation rates, many people are living on the breadline.
The Institute of Fiscal Studies recently published research estimating that families will be £2,000 worse off a year by 2013. This will be the greatest fall in income for 35 years.
This is likely to plunge several families into poverty. Poverty is expected to rise by 800,000 in terms of working age adults.
Debt Advice Group can help to address your debts with specialist advice.
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