A selection of graphs and statistics on UK measures of unemployment. Also, looking at factors that explain UK unemployment and why unemployment has fallen in recent years. Current UK Unemployment rate Unemployment rate of 6.2%, (July 2014) – the lowest since late 2008. (page updated Sept 18th, 2014) 2.02 million – (ONS) (a fall of 468,000 since 12 months ago – biggest fall since 1988) (Scottish unemployment of 6%) Average Eurozone unemployment – 11.5% Recent Unemployment Trends
Readers Question: What is the importance of bank lending to the UK economy? Bank lending plays an important role in influencing levels of consumer spending, investment and economic growth. When bank lending reduced at the start of the credit crunch in 2008 – this decline in bank lending was a significant factor in causing the 2008 recession. This graph shows that lending to UK households and business was growing rapidly during the period…
Source ONS | NTV A possible unit 4 A Level question this summer could be: Discuss the Impact of a fall in public sector investment on the UK economy? The graph shows a fall in public sector investment from 3.5% of GDP in 2008 to 1.5% in 2011. This means cuts of approximately £30bn a year. It means the government is spending less on capital investment projects such as new schools, new roads and other infrastructure investment. That is quite a significant fall….