Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

U.K. Unemployment Will Rise Until 2016 on Fiscal Cuts, CEBR Says

May 7 (Bloomberg) -- U.K. unemployment will rise over the next five years almost everywhere in the country as the deepest government spending squeeze since World War II bites, the Centre for Economic and Business Research said.

Joblessness in the North East will increase to 13 percent in 2016 from 12 percent in 2012, while the rate in Northern Ireland will climb to 10.7 percent from 8.8 percent, the group said in a statement in London today. The regions have a large proportion of public-sector workers, which is weighing on the employment outlook there, the CEBR said.

Unemployment in London, now at 10.3 percent, will rise to 10.7 percent next year and stay there until 2016.

“Five more years of pain are expected for much of the U.K.,” Rob Harbron, economist at the CEBR, said in the statement. “The outlook is tough for U.K. households, particularly those in places with a high dependency on public-sector employment.”

To contact the reporter on this story: Jennifer Ryan in London at jryan13@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.