Chart 12: Unemployment rate (aged 16+), seasonally adjustedToday’s unemployment figures, conveniently released on budget day, make a mockery of George Osborne’s reckless job market predictions. Youth unemployment rose by 48,000 people this month, almost 5%. This is despite record numbers of young people on workfare who are not included in the figures which also cover the busy Christmas period.
Unemployment overall rose by 7000 and the number of people unemployed over two years by 2000 – despite the floundering £6 billion Work Programme aimed at helping long term unemployed people find jobs.
Osborne’s lie today that a million new jobs have been created unravels simply by looking at the graph above. These so called new jobs are in many cases workfare, part time or tax credit funded and low earning self-employment.
The truth is that the unemployment rate has been as flat as the economy ever since this Government weren’t elected. The situation is little better than at the peak of the first recession. And now it is rising again, which if it continues will throw all of today’s budget’s benefit bonanza for business into chaos.
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