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Unemployment in the UK - Essay Example

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The paper "Unemployment in the UK" explains why the weaknesses in the financial system were actually the major reason behind the UK economic collapse. UK employment peaks were recorded in 1968, 1978, or 1989 by economic pundits and analysts…
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Unemployment in the UK
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Download file to see previous pages It is worthwhile to mention the fact that employment and business outlook aggravated in 2007 – 2008 after the collapse of the housing sector or property market and ‘bursting of speculative financial sector’ that resulted in financial difficulties and a credit crunch like situation. Indeed, the bankruptcies of various small and large financial institutions followed by closures of manufacturing and services sector organizations led to a rapid surge in unemployment and economic contraction. In simple words, the aggregate demand and supply reduced that in turn resulted in a decrease in productive activities and new employment opportunities for the general public. The weakness in the economy, consumer buying power, and real incomes also adversely impacted relatively strong sectors such as heavy machinery, engineering, arms, information technology, airline industry, electronics and others, etc. because of fall in demand from all consumers. Hence, these strong sectors were unable to sustain their business volume and cut down their employees thereby contributing to unemployment across the UK. (Gregg and Wadsworth, 2010)
Economists have provided an explanation that the weaknesses in the financial system were actually the major reason behind UK economic collapse. Indeed, the dependence of consumers on plastic money (such as credit cards, debit, visa, etc.) for spending and purchasing goods and services and decrease in circulation of monetary units is itself noxious for sustainable development and smooth functioning of the economy. Secondly, the role of financial institutions in the subsequent growth of non-productive business sectors such as mutual funds, leasing, mortgage, securities, and bonds obviously could benefit in short-term growth and expansion of money and financial markets. Indeed, contribution of manufacturing sector in the Gross Domestic Product of United Kingdom is barely above 20% whereas services account for more than 70%. ...Download file to see next pagesRead More
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