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Unemployment falls by 82,000 in recent quarter

Unemployment falls by 82,000 in recent quarter
Date of Publication: Wednesday, 12 December 2012 13:41

UK employment has risen to 29.6 million, the highest figure since records began over forty years ago.

 

Unemployment fell by 82,000 between August and October, according to the Office of National Statistics (ONS), which is helping to dispel fears that Britain is heading towards a triple-dip recession.

 

The falling rate of unemployment, from 8.0% to 7.8%, marks the biggest fall in a three-month period for 11 years.

 

The ONS said that unemployment fell to 2.51 million, with the number of out-of-work people claiming Jobseeker’s Allowance falling by 3,000 in November.

 

A fall in public sector jobs was compensated by a healthy rise in private sector opportunities, while many have taken matters into their own hands in the last few years and become self-employed.

 

There were also promising figures for youth unemployment, with the number of unemployed 16-24 year olds not in full-time education falling by around 12.5%, to 626,000.

 

Ministers pointed to greater flexibility in the jobs market, with a significant increase in full-time jobs, though analysts have pointed out that continued ‘underemployment’ is limiting the effect of the job surge upon productivity and growth.

 

Figures released last week showed that industrial output had fallen to its lowest level for 20 years. And the independent Office of Budget Responsibility has predicted that the economy could shrink for the third time since the start of the financial crisis in the last three months of this year.

 

The mismatch between rising employment and stagnant productivity is also exemplified by low wage growth of 1.8%, which, like savings accounts, fails to match the cost of living.

 

"Once again these figures show that the private sector is creating far more jobs than are being lost in the public sector,” said the Minister for Employment, Mark Hoban.

 

“It's a credit to British businesses that they're proving wrong those cynics who claimed the private sector wouldn't be able to step up.

 

"With unemployment falling again and more people in work, today's figures are very welcome. To see youth unemployment, excluding students, at its lowest level for three and a half years is particularly good news.”

 

The Government announced that it was extending the Youth Contract wage incentive, which gives employers up to £2,275 if they take on an unemployed young person.

 

From next week it will be available for employers taking on any 18 to 24 year old in Great Britain who has been claiming benefits for six months.

 

And from January, a consortium of transport bodies are to provide free bus travel for those who have been unemployed for between 3 and 12 months to help them attend interviews and look for work.

 

Ashley King

 

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Top 5 Current Accounts

Provider
AER
Min Bal
O/D Rate
O/D Buffer
Apply
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3.00%
£1
0%
£100
5.00%
£0
0%
No Offer
0%
£1
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£100
5.00%
£1
No Offer
£25
5.00%
£1
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£25

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Santander 123 Current Account

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Santander 123 Mini Current Account

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Santander 123 Mini Current Account

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TSB Classic Account

TSB
  • Free banking - no charge for everyday transactions when you’re in credit.
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  • Manage your money 24 hours a day through Internet Banking, Telephone Banking and Mobile Banking.
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Top 5 Savings Accounts

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0.75%
Instant
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£1,000
1.25%
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Monthly
£1,000
1.30%
30 Days
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£1,000
1.25%
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£500
0.75%
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Scottish Widows Direct Transfer Account

Scottish Widows
  • Minimum balance £1000
  • Deposits can be made by internet banking, telephone or post
  • No notice period or penalties for withdrawals
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Aldermore Easy Access Saver

Aldermore
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Aldermore 30 Day Notice Account

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  • YOUR SAVINGS ARE PROTECTED UP TO £75,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

SBI UK Easy Access Savings Account

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  • Interest paid on a monthly basis
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Manchester Building Society Easy Access Savings Account (Issue 2)

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Bank of Cyprus UK 1 Year Bond

Bank of Cyprus UK
  • Interest is paid annually
  • Early withdrawals not permitted
  • Available to individuals (single and joint applicants)
  • Conditions are available here
  • Available in Sterling only.

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1.85%
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£1,000
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£1,000
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£1,000
2.25%
Fixed term for 4 years
£1,000
1.55%
Fixed term for 3 years
£10,000

Vanquis Bank 3 Year Fixed Rate Bond

Vanquis
  • Available Online Only.
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  • Vanquis Bank is a UK bank with operations and call centres in London, Chatham, Bradford and Newcastle, and is part of the Provident Financial Group, a FTSE 250 company founded over 130 years ago.
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Vanquis Bank 5 Year Fixed Rate Bond

Vanquis
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  • Sole or Joint Accounts.
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  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme

Aldermore 1 Year Fixed Rate Bond

Aldermore
  • Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
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  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Vanquis Bank 4 Year Fixed Rate Bond

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  • Annual or Monthly interest options available.
  • Sole or Joint Accounts.
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  • Vanquis Bank is a UK bank with operations and call centres in London, Chatham, Bradford and Newcastle, and is part of the Provident Financial Group, a FTSE 250 company founded over 130 years ago.
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme

Bank of Cyprus UK 3 Year Bond

Bank of Cyprus UK
  • Interest is paid annually
  • Early withdrawals not permitted
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  • Conditions are available here
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Bank of Cyprus UK 2 Year Bond

Bank of Cyprus UK
  • Interest is paid annually
  • Early withdrawals not permitted
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  • Conditions are available here
  • Available in Sterling only.

Bank of Cyprus UK 6 Month Bond

Bank of Cyprus UK
  • Interest is paid annually
  • Early withdrawals not permitted
  • Available to individuals (single and joint applicants)
  • Conditions are available here
  • Available in Sterling only.

Bank of Cyprus UK 1 Year Bond

Bank of Cyprus UK
  • Interest is paid annually
  • Early withdrawals not permitted
  • Available to individuals (single and joint applicants)
  • Conditions are available here
  • Available in Sterling only.

Aldermore 4 Year Fixed Rate Bond

Aldermore
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Aldermore 5 Year Fixed Rate Bond

Aldermore
  • Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
  • Fast and easy setup - open an account, complete identity checks and move your money in minutes
  • Accessible - open an account with just £1,000
  • Easy to manage - do it online, by phone or by post
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

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  • Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
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Wellesley 3 Year Term

Wellesley
  • Investors can start with as little as £10
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  • There is a Provision Fund that investors can apply to for compensation in the case of loss of funds through a borrower not meeting loan repayments.
  • Wellesley is the first Peer to Peer lender to offer its lenders a combination of security over all loans and access to a Provision Fund.
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  • Peer-to-peer lending can offer potentially attractive returns. There is a risk you may lose some or all of your initial investment. However Wellesley do offer their own compensation fund.

Bank of Cyprus UK 35 Day Notice ISA

Bank of Cyprus UK
  • Available for new subscriptions up to £15,240 for the current tax year or transfers from other ISA providers
  • Interest is paid annually into your Cash ISA
  • Access to funds subject to 35 days notice
  • Available to individual applicants aged 16 or over
  • Eligible deposits are protected up to £75,000 by the UK Financial Services Compensation Scheme

SBI UK 5 Year Fixed Rate Bond

  • Minimum deposit amount of £10,000
  • Interest paid on balances above £10,000 and below £1,000,000
  • Account managed online or by visiting our branch
  • Interest paid on a monthly basis
  • Debit card provided only to the primary account holder if requested
  • Available to an individual, 18 years or over, who is ordinarily resident in the UK for tax purposes and has a permanent UK address
  • YOUR SAVINGS ARE PROTECTED UP TO £75,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Wellesley 1 Year Term

Wellesley
  • Investors can start with as little as £10
  • Rates are fixed for duration agreed.
  • Wellesley & Co offers a service called 'Early Access'. This enables customers to request access to their funds before the end of a lending term.
  • All lending is asset backed
  • Wellesley decides on which cases to lend on and handle the lending and collection of funds.
  • Wellesley & Co retain a portion of every loan that they make. This portion is subordinated to the Peer to Peer lender so act as a capital buffer and takes the first loss is a borrower defaulted on their loan and Wellesley were unable to sell the asset for as much as they had lent.
  • There are Provision Funds that investors can apply to for compensation in the case of loss of funds through a borrower not meeting loan repayments.
  • Wellesley is the first Peer to Peer lender to offer its lenders a combination of security over all loans and access to a Provision Fund of £2,834,444.
  • Wellesley offers early access to funds. There is no charge for this service however a customer’s rate of return that they receive will be realigned to fairly represent the period that their money has been committed.
  • YOUR SAVINGS ARE NOT PROTECTED BY THE FSCS - Financial Services Compensation Scheme.
  • Peer-to-peer lending can offer attractive returns. There is a risk you may lose some or all of your initial investment. However Wellesley do offer their own compensation fund.

Wellesley 2 Year Term

Wellesley
  • Investors can start with as little as £10
  • Rates are fixed for duration agreed.
  • Wellesley & Co offers a service called 'Early Access'. This enables customers to request access to their funds before the end of a lending term.
  • All lending is asset backed
  • Wellesley decides on which cases to lend on and handle the lending and collection of funds.
  • Wellesley & Co retain a portion of every loan that they make. This portion is subordinated to the Peer to Peer lender so act as a capital buffer and takes the first loss is a borrower defaulted on their loan and Wellesley were unable to sell the asset for as much as they had lent.
  • There are Provision Funds that investors can apply to for compensation in the case of loss of funds through a borrower not meeting loan repayments.
  • Wellesley is the first Peer to Peer lender to offer its lenders a combination of security over all loans and access to a Provision Fund of £2,834,444.
  • Wellesley offers early access to funds. There is no charge for this service however a customer’s rate of return that they receive will be realigned to fairly represent the period that their money has been committed.
  • YOUR SAVINGS ARE NOT PROTECTED BY THE FSCS - Financial Services Compensation Scheme.
  • Peer-to-peer lending can offer attractive returns. There is a risk you may lose some or all of your initial investment. However Wellesley do offer their own compensation fund.