Comment on today's ONS unemployment stats by John Pollock, Legal & General.
14 December 2011
John Pollock, Group Board Director for Legal & General’s Risk businesses, commenting in response to today's ONS announcement on unemployment figures said:
"It is worrying to see yet again another increase in the number of people unemployed. Fears are growing that unemployment will continue to rise further next year.
Legal & General’s latest forecast is that the rate of unemployment will rise to 9.2% by the end of 2012, nearly a 1% increase on the current rate of 8.3%, announced today. The figure of 2.64m unemployed is the highest since 1994, yet this could easily be over 3m by this time next year, if the economic forecasts are accurate.
This Christmas we are seeing more UK households struggling to meet the costs compared with a year ago. Our latest MoneyMood survey shows that over 30% of households will spend less on Christmas this year and around half, 51% are restricting their spending to no more than last year. So putting asidesome money in case those fears of increased unemployment do come true and people lose their job or unable to work due to illness or injury, is becoming much more difficult. This means that its even more likely that fewer people will have a financial cushion to fall back on to help them next year."
Notes to editors
- MoneyMood research was conducted by TNS Omnibus of a national representative sample of 1,000 adults between 3rd and 5th of December 2011.
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