Unemployment in UK Assignment Example | Topics and Well Written Essays - 2250 words

Unemployment in UK - Assignment Example The history of unemployment in the UK tells that during Great Depression the rate of unemployment was very high in the country. It reached to the level of 25 percent but after that time, unemployment rate used to remain at a low level and with the help of different policies and strategies the government of the UK succeeded to attain more or less full employment level until the 1970s. However, after an oil prices fluctuation in the 1970s the unemployment rate was also badly affected and gradually it began to rise. The recent rise in the unemployment rate is highest during the last decade and the country is facing the worst situation with respect to unemployment crisis in the country (Pettinger, p2, 2009). The following table shows the United Kingdom unemployment rate during last three years and it is clearly seen in the table that unemployment rate is continuously increasing in the country with each passing year. The recent statistics also show that the unemployment is recorded at the highest rate in last eight years. The rate of unemployment is rising at an alarming pace due to which the year 2009 is also expected as a stagnant year for the economy of United Kingdom. (Monaghan, p1, 2008) The country while responding towards the global financial crisis is witnessing worst situation of unemployment and there is a high level of concerns and worries at all level regarding the rise of the unemployment rate. The following chart shows the current situation of unemployment in the country that is expected to rise even more. Unemployment is closely related with the economic development of a country. When an economy faces recessions, the rate of unemployment also increases. Thus, the economic recession is the major cause behind the high rate of unemployment in the UK and it is expected that if the UK will face deep economic recession in 2009 then the unemployment will also reach the level of 3 million.