The UK unemployment figure recently rose above the 2
million mark for the first time since 1997.It has been reported that the
economy has contracted 4.2% since May 2008 and it's expected that unemployment
figures will continue to rise until they peak at an estimated 3.2 million later
next year.
There are talks and fears
that the economy's decline will continue to fall with its recovery no where to
been seen for a further two years. The
economy's dramatic downturn has surprised the masses that did not believe or
perhaps did not want to believe it could get this bad.
It was confirmed in
February that the UK's manufacturing output has plummeted for a staggering 12 months in a
row with manufacturing exports reaching a 10 year low. The biggest drops seen
in output in the UK has been in car production and metal products. Manufacturers have
been suffering as global trade slumps due to the economic downturn.
Sterling has also been declining significantly against the
dollar and the euro in the last 12 months.It has fallen by more than 25% on a trade-weighted basis.Although this is a concern for most economists
this may actually give the UK a huge advantage over other countries in the
Eurozone for an economic recovery. The
weak pound in fact helps exporters as it will be cheap to buy goods from the UK and some believe Britain is in fact allowing the currency to continue to
fall in order to help exporters and give rise to an export led economic
recovery.
G20 recently took hold in London which was a collaboration of 19 of the world's
largest economies plus the European Union.The countries came together to try and strengthen the international
financial structure and identify how to drive growth and sustainability.The result was the agreement to injection
$1.1 trillion of financial aid to help speed up an economic recovery.All the world can do now is wait to see if
their agreements are successfully put into place and do in fact aid the much
needed economic recovery.
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