StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Unemployment in UK auses and effects on economy - Assignment Example

Comments (0) Cite this document
Summary
Unemployment is one of the challenging and serious issues that usually effect a country's economic development in negative manner and the countries having high rate of unemployment often face sharp economic downturn. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.9% of users find it useful
Unemployment in UK auses and effects on economy
Read TextPreview

Extract of sample "Unemployment in UK auses and effects on economy"

Download file to see previous pages Unemployment is one of the challenging and serious issues that usually effect a country's economic development in negative manner and the countries having high rate of unemployment often face sharp economic downturn. In this regard the paper presents an overview of the unemployment situation in the country and discusses the causes and effects of unemployment on the economic development of the country. Furthermore, the paper also describes some possible ways that can help the country in reducing the unemployment rate.This paper is intended to identify the main causes of unemployment in the United Kingdom.The history of unemployment in the UK tells that during Great Depression the rate of unemployment was very high in the country. It reached to the level of 25 percent but after that time, unemployment rate used to remain at low level and with the help of different policies and strategies the government of the UK succeeded to attain more or less full employment level until 1970s. However, after oil prices fluctuation in 1970s the unemployment rate was also badly affected and gradually it began to rise. The recent rise in the unemployment rate is highest during the last decade and the country is facing worst situation with respect to unemployment crisis in the country (Pettinger, p2, 2009). The following table shows the United Kingdom unemployment rate during last three years and it is clearly seen in the table that unemployment rate is continuously increasing in the country with each passing year.




Year
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2009
3.80











2008
2.50
2.50
2.50
2.50
2.60
2.60
2.70
2.80
2.90
3.10
3.30
3.60
2007
2.90
2.90
2.80
2.80
2.70
2.70
2.60
2.60
2.60
2.60
2.50
2.50
2006
2.80
2.90
2.90
2.90
2.90
3.00
3.00
3.00
3.00
3.00
2.90
2.90
The recent statistics also show that the unemployment is recorded at highest rate in last eight years. The rate of unemployment is rising at alarming pace due to which the year 2009 is also expected as a stagnant year for the economy of United Kingdom. (Monaghan, p1, 2008) The country while responding towards the global financial crisis is witnessing worst situation of unemployment and there is high level of concerns and worries at all level regarding the rise of unemployment rate. The following chart shows the current situation of unemployment in the country that is expected to rise even more.


Causes of Unemployment in United Kingdom
Unemployment is closely related with the economic development of a country. When economy faces recessions, the rate of unemployment also increases. Thus, the economic recession is the major cause behind the high rate of unemployment in the UK and it is expected that if the UK will face deep economic recession in 2009 then the unemployment will also reached the level of 3 million. (Pettinger, p2, 2009) Hence, the recent economic instability can be sought as one of the major causes of unemployment in the UK. Furthermore, the credit crunch is also viewed as an important cause of rise in the unemployment rate in the country. Due to market uncertainty it has become difficult for the investors to get loans and credits from the banks and financial institutions. The financial instruments in the UK economy are witnessing worst effects of global financial crisis due to which the credit and mortgage market is also going through a recession phase. The banks in the UK are now reluctant towards lending loans, credits and mortgages to the people and business that led to reduction in the consumer spending. The investment level is also very low and many of the bid investment projects are delayed. This entire situation is responsible for reduction in productivity and demand for labor in the country. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Unemployment in UK auses and effects on economy Assignment”, n.d.)
Unemployment in UK auses and effects on economy Assignment. Retrieved from https://studentshare.org/macro-microeconomics/1516835-unemployment-in-uk-auses-and-effects-on-economy
(Unemployment in UK Auses and Effects on Economy Assignment)
Unemployment in UK Auses and Effects on Economy Assignment. https://studentshare.org/macro-microeconomics/1516835-unemployment-in-uk-auses-and-effects-on-economy.
“Unemployment in UK Auses and Effects on Economy Assignment”, n.d. https://studentshare.org/macro-microeconomics/1516835-unemployment-in-uk-auses-and-effects-on-economy.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Unemployment in UK auses and effects on economy

Youth Unemployment in UK

... Youth Unemployment in UK Youth unemployment is a worldwide economic crisis, especially with the current global economic hardships. A recent report by the Office for National Statistics indicates that the number of jobless youth in the UK hit a record of 1.02 million in the quarter (Pym, 2011: 21). According to the report, which defines youth as the age between 16 to 24 years, individuals claiming allowances for jobseekers rose from 5,300 to 1.6 million in October 2011. In general, the rate of youth unemployment has gone just past twenty percent, the highest ever recorded since 1992. Some economists have attributed these results to the reeling effects of the 2009 recession to the increase in the number of youths leaving school...
4 Pages(1000 words)Essay

Unemployment UK

...Unemployment UK Introduction: The UK National Rate of Unemployment (NRU) has stayed logically steady through time and that the intermediate-run swaysin unemployment owe, instead, to very long-drawn-out after-effects of unrelenting (momentary but ongoing) shocks. The precedent UK labor market shocks have delayed consequences on unemployment owing to communications among dissimilar lagged amendment procedures in the labor market. Many of the significant shocks that have knocked the UK labor market more than the past 25 years have been continual and the perseverance of the alarms is balancing to the perseverance of the lagged amendment procedures in generating progresses of UK employment (Henry, Karanassou and Shower, 2000). The main swings...
20 Pages(5000 words)Essay

The Extent to Which Unemployment Is a Microeconomic As Opposed To a Macroeconomic Problem

Unemployment is not a straight subject as this is beset with various microeconomic problems of wages, skill, training, hours of work, welfare and myriad of employment dynamics. Therefore, labour economics deals with all these aspects to look into the details and finds a solution (Sundram and Vaish, 1992).

Unemployment is an important measure of the strength of the economy. A high unemployment rate generally indicates an economy in recession with few job opportunities, while a low unemployment rate points to an economy running at or near full throttle (Investor Glossary 2009).

The principal aim of a government is to reduce the rate of unemployment in the economy by framing correct policies, encouraging the gro...
6 Pages(1500 words)Assignment

The Effects of Media to Its Audience

... The Effects of Media to Its Audience Introduction Media is known to have an influence on the audience. This can be attributed to the fact that the relationship of media and the audience completes the basic process of communication. The media and its components can be considered as the stimuli causing the audience to react in different ways. One of the main areas of interest in the said field is the affective process of the media. In the study undertaken, the main objective is to present the ways and means which exhibit the effects of the media on the different types and classification of audiences. In addition, the said effects are also classified into advantageous and detrimental in nature. The Media and the Audience The effects...
7 Pages(1750 words)Case Study

The Effects of Financial Crisis on Supplier Selection Criteria of the Oil and Gas Industry Equipment Market

It is a difficult task to find those vendors who not only have the adequate quality and quantity of the needed raw materials but who also have an attitude of efficiency and display commitment to customer service (Sonmat, 2006). Further, organizations also strive to locate and select vendors who can be depended upon for long term relationship.

The number of factors or attributes desired from the vendor is vast, and different organizations and different industries place different importance on the attributes (Sonmat, 2006). Some of the vendor attributes may gain importance owing to the nature of the industry, for example, in the case of consumer perishables suppliers, like fresh vegetables or fruits, the buying firm would...
20 Pages(5000 words)Literature review

Effect of Corporations Moving Jobs Overseas on the Economy

The issue comes into focus, whenever there are political, economic debates or talks about H1B visa limits. The economic slowdown has further led to the intensification of these debates. But, despite apprehensions from different quarters, neither the companies nor the government has said a final word on the trend. Increasing levels of competition amongst the corporate houses have been one of the key highlights of the globalization era. Be it the retail sector, the banking, the automobile, the IT-enabled services, the white goods space, etc. the companies have always been on the lookout for reaching out to more number of customers while doing everything possible to please the existing lot. Leveraging the economies of scale has prove...
8 Pages(2000 words)Coursework

Effects of Big Businesses on Small Businesses

The supercenters like Wal-Mart are recorded to have dropped the share of small businesses in almost all areas where they are operating (Stone, Artz, & Myle, pp.12 & 13).
It is a datum of experience that the major attribute of power bearing body is its transcendence in development as compared to its contemporaries. The same goes for the world of business too. According to the studies of Jane L. Parpart, Shirin M. Rai and Kathleen Staudt in ‘Rethinking empowerment, gender, and development’, the term ‘power’ has often been used as an alternative for the developmental approaches. Stated differently, the concept of power cannot be separated from development. According to Keith Rankin in ‘Globa...
6 Pages(1500 words)Essay

UK Employment Policy

Analysts explain that this situation is not simply because citizens don’t want to exercise this fundamental right, but largely because of the continued failure of the governments to institute an effective implementation of employment policies put in place (Howell, 2005). It has clearly been demonstrated by Mathew (2006) that the United Kingdom government has shown a lot of unwillingness in tackling the reported unemployment crisis.

Available research findings reveal that there are high unemployment rates among UK born ethnic minorities which show great diversities. According to a 2001 report, it is shown that unemployment rates amongst UK born men and women from black, Bangladeshi and Pakistani ethnic groups were...
9 Pages(2250 words)Case Study

Contrast of Two Explanations of Social Disorder in Contemporary UK Society

As the process of urbanization takes off and more people start residing in major cities, the fissures start to appear within the apparent harmonious co-existence. There are several reasons why disorderly conduct on part of individuals and groups takes place. Sociologists have proposed numerous theories explaining this phenomenon.

Erving Goffman was an astute observer of society, who immersed himself in the social environment which he was studying. He carefully observed and recorded the ways in which people’s behavior and interpersonal interactions are carried out in everyday life. He notes that “people perform their social roles and, as they do so, they produce social order through their actions and the regu...
6 Pages(1500 words)Article

The Key Macro Factors that Have Influenced the UK Grocery Retailing Industry since the Early 1960s

... accounting for macro economic factors in strategy development and management, a business will fail (Johnson et al, 2008, p.3). If we consider this contextually with regard to the UK grocery market; the move demise of the local high street store to the dominance of supermarkets in the past 20 years has radically transformed the grocery market ( Henry, 2008, p.77). For example, the DEFRA Economic Note on UK Grocery Retailing (2006) indicates that in addition to continued growth in the UK Grocery Retail sector; approximately “3/4 sales are made in supermarkets and superstores… with traditional small retailers now accounting for only 7% of sales” (DEFRA, 2006). It is submitted that a key element of this is effective interrelationship between...
13 Pages(3250 words)Assignment

Economy and Social Activity of The Broken Hill Community

Soon a retail industry was built up and the community began to grow and is considered to be a society with a civic nature (Learning Communities in Education and Training, 2009). The community of Broken Hill can be considered to be highly diverse with a census that was conducted in the area in 1996 showed that out of the then population there were 961 people who came from overseas and a large amount of those was not from an English speaking nation. The large composition of the population in the community at the time was aboriginals or Torres Strait Islanders. Broken Hill thus shows a varying ethnic community and a diverse mindset considering a large proportion of the people are from nations such as Greece, Malta and even Italy (Lea...
6 Pages(1500 words)Case Study

Characteristics of a Mixed Economy

Economic systems are crucial to the progress of a nation for they shape the way a nation’s economy operates. There are three major types of economic systems, namely: A planned economy which operates at the sheer instructions of the Government; Market Economy has complete independence in its operations and is at the disposal of the market forces of demand and supply, Mixed Economy is an amalgamation of features from both the previously mentioned economic systems and therefore has economy operating tools which are shared by the private sector and the public sector, hence it could be regarded as a balanced mixture of the political ideologies of capitalism and socialism (Schlesinger, 1962). A mixed economy is an intricate and co...
6 Pages(1500 words)Coursework

Auses and Effects of Cancer

Malignant tumours which are more dangerous form either when cancerous cells invade and destroy healthy tissues as they move through the body via the nymph systems or blood, or when they divide and develop to a point of making new blood vessels with which they feed themselves. Scientists note that there are more than one hundred different types of cancer going by the cell type they affect initially (Medical News Today 2013). Some common types of cancer include breast cancer, brain cancer, leukaemia (blood cancer), bone cancer, skin cancer, lung cancer, liver cancer, stomach cancer, and thyroid, just to mention a few. Statistics indicate that in 2007, cancer led to the death of about 7.6 million people in the world (Medical News Tod...
6 Pages(1500 words)Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Unemployment in UK auses and effects on economy for FREE!

Contact Us