Unemployment levels in the UK will start to rise in months to come, according to one economic expert.
Howard Archer, chief UK and European economist at Global Insight, claims that while the most recent unemployment data for the country shows a decrease, there is a strong likelihood that worsening economic conditions will have an impact in due course.
The prospect of rising unemployment would be likely to cause considerable concern for the thousands of families in the UK that are struggling to become debt free.
Mr Archer commented: “[The] latest labour data indicate that the labour market is currently still being buoyed by recent extended healthy growth.
“Nevertheless, unemployment is a lagging indicator and we suspect that slowing growth will soon start to take an increasing toll on the labour market and that unemployment will start to rise before long.”
The UK’s overall debt management burden is worth a total of close to £1,400 billion, according to Credit Action’s latest data.