British Unemployment to Continue Rising - Chancellor Darling

Chancellor Alistair Darling has warned that employment across UK will continue to rise for some time to come, breaking from the usual tradition of chancellors sounding upbeat chimes even when the times are tough and refraining from revealing a fall in the employment sector. Chancellor Darling was yesterday quoted as informing the MPs that "although unemployment in this country is too high... unfortunately it will continue to rise for a while", also stressing that "the unemployment levels... are lower than they are in America, France and many, many other countries".

Most of UK's economists, despite the fact that the rate of unemployment increased has slowed down lately, agree with what Mr. Darling has to say. Many experts, however, have been quick to say that the country is doing really well in keeping unemployment as low as possible.

A recent survey, backing this observation, revealed that the rate of joblessness has been falling in the UK consistently over the last 2 months, to stand just below 2.5 million, or 8% of the workforce. Youth unemployment has also been controlled, as the number now stands at 1 million.

Chancellor's pessimistic outlook of the economy has come after stock markets all across Europe were shaken by the financial crisis in Dubai, which would lead to two of the country's biggest corporations delaying the repayment of loans worth billions of dollars. But he was quick to reassure that the country was not doing all that bad.