Britain’s latest unemployment figures were lower than expected, but still rose by 146,000 in the three months to December.
Many analysts had been predicting unemployment would rocket past the two million mark, but data from the Office of National Statistics shows the actual figure stopped just short at 1.971 million.
This still represents the highest jobless rate since June 1997, largely due to an abysmal 2008 in which the total jumped 23% (369,000).
Almost 260,000 people were made redundant in the last quarter alone, the highest figure since records began in 1995.
UK better off, but fading
Unsurprisingly, the number of people claiming Jobseekers' Allowance is up as well, rising 73,800 in January to 1.23 million.
Britain currently enjoys a lower unemployment rate (6.1%) than the European average of 7.7%.
However, figures from trade union TUC show the rate is rising at twice the pace of its mainland counterparts, with only Spain and Ireland reporting a faster increase.
Time to consider protection
With unemployment rising at its fastest rate since 1991 and many companies looking increasingly vulnerable in the recession, it is certainly a good time to consider taking out a protection policy.
Whether you want broad income protection, or simply mortgage or loan payment protection insurance (PPI), it’s good to know you are covered in these uncertain times.
If you are in the market for a PPI policy, it’s essential you take the time to compare different providers, as the difference between the cheapest and most expensive can be astronomical.
Remember to check the smaller players too, as independent PPI is often significantly cheaper.
