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Unemployment in UK - Essay Example

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Unemployment, a major menace to the society has prevailed through the times and the problem has become more chronic and serious at the present moment. Most of the countries irrespective of the fact whether they are developing or developed are a victim of unemployment…
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Unemployment in UK
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The thing that makes unemployment most dangerous is that it directly affects the growth of a nation and this is becoming evident for UK. United Kingdom, arguably Europe’s most influential country over the history has been dealing with this ailment since the early 1970’s. The unemployment rate in the United Kingdom was last reported as 8.4% in December 2011. (Hamilton) Due to this it is very important to analyze the cause of this mass unemployment in UK, and to find viable solutions to this particular problem. Summary of Articles As proposed by Hamilton, in his article “U.K. Unemployment Increases as Global Outlook Cut: Economy” published in Business Week (January 18, 2012), mass unemployment in UK touched its zenith in 16 years in November 2011. This was primarily due to Britain’s plunge into recession again. The unemployment rate according to the International Labour Organisation (ILO) rose to a staggering 8.4%, the highest recorded since January 1996. The number of people attaining jobless benefits rose to a figure of 1.6million. The World Banks’ estimation of global growth has experienced repeated down grades in last three years. The prime reason that has been forwarded by them is a declining state of the UK economy. Since UK is a part of the European Union and enjoys a quite significant status hence the euro-area crisis is being compounded by Prime Minister David Cameron’s budget cuts. This is affecting consumer confidence negatively and will lead to a further loss of employment for about 700000 workers by 2017. As specified by Nida Ali, an economic adviser in the Ernst & Young item club, the future for the labour market is pretty dismal. She even expects the rate of unemployment to rise by another 9.3% in a year. ITEM (Independence Treasury Economic Model) Club acknowledged that Britain has been struck by recession once again and Europe’s incapability to end the crisis of debt had a simultaneous effect on Royal Bank of Scotland group in United Kingdom. It has proposed last week that it will shut down its corporate-finance units and equities that will cut down almost 35000 jobs. Hamilton has also cited the ITEM club regarding the possibility of 600 job cut by “Premier Foods Plc” to illustrate the grim situation in UK job market. (Hamilton) According to Barrow in his article “Foreign workers take yet more UK jobs as number of Britons in work plunges and youth unemployment hits 1 million” published in Daily mail UK, a prime reason for unemployment in UK is the increased absorption of foreign workers by the firms belonging to UK instead of own domestic workers. Most of the business entities in UK hire foreign workers and that has left United Kingdom’s unemployment rate at the highest in 17years. The ministers termed this as “unacceptable”, but the management of the reputed entities in UK pointed out that many young British workers are lazy and incapable at basic works, which made them to shift towards the foreign workers. As an example, the proportion of foreign workers at a leading firm of plumbers, “Plimico Plumbers”, has doubled over the past two years because the domestic British workers lack the right work ethics. Furthermore it is often seen that the workers are more interested in real wage than nominal wage courting a fall in their purchasing power. (Barrow) Evaluation & Conclusion It has been specified by Hamilton that the Prime Minister of UK has been administering a budget ...Download file to see next pages Read More
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