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Reply #13: UK unemployment at 15-year high as outlook darkens [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 08:20 AM
Response to Reply #9
13. UK unemployment at 15-year high as outlook darkens

LONDON (AP) -- The outlook for the British economy has worsened because of slowing global demand, sagging confidence and turmoil in the eurozone, the Bank of England said Wednesday as new data showed unemployment rising to the highest rate in 15 years.

Unemployment rose to 8.3 percent in the three months through September, the highest since January 1996, as companies prepare for grim times ahead. The Bank of England halved its forecast for economic growth in 2012 from 2 percent to 1 percent, and pared its projection for 2013 by half a point to 2.5 percent.

"Implementation of a credible and effective policy response in the euro area would help to reduce uncertainty and so support U.K. growth, but its absence poses the single biggest risk to the domestic recovery," the bank said in its quarterly Inflation Report.

The government likewise blamed the eurozone for rising unemployment.
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