March 2011

Unemployment Levels Top 90s High

Figures released today by the Office for National Statistics (ONS) have shown that unemployment in the UK has reached its highest level since 1994.

2.53 million people are now out of work, with the latest quarterly figures showing that unemployment rose by 27,000 in the three months up to January 2011.

It seems the younger generation has been hit hard, with unemployment of 16 to 24 year-olds increasing by 30,000 to reach 974,000 - the highest since comparable records began in 1992.

Credit Lending Falls As Consumers Choose To Pay Off Debt

The Finance and Leasing Association has revealed consumer lending fell by 6% in 2010 compared to the previous year.  Store card borrowing, a particularly expensive form of borrowing, saw the biggest reduction.

The run up to Christmas, which is traditionally a strong month for consumer lending, saw a 5% year on year decline, indicating that consumers’ attitudes to borrowing are beginning to change.