UK Unemployment to hit 17-year high in 2011

As many as 200,000 jobs in the UK could be shed in 2011 in what is predicted to be a “worse year for jobs” in 17 years, an analysis revealed.

Raising fresh doubt over the pace of the UK’s economic recovery, a report by the Chartered Institute of Personnel and Development (CIPD) warned 80,000 private sector and 120,000 public sector jobs will be lost next year.

Unemployment is forecast to rise from 7.9pc to 9pc, or 2.7m, in 2011 as the private sector struggles to create jobs to offset wide-scale state redundancies.

Any jobs that are generated are likely to be part-time or temporary, while workers can expect to endure below-inflation pay rises of just 2pc, the CIPD’s economic forecast, published today, showed.

Telegraph UK

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell