Essay on The Impact of Financial Crisis on the Uk Job Market

2471 Words10 Pages
The impact of the financial crisis on the UK job market and employment (2007-2009)

Module: PM021-Aspects of British Culture and Society

Name: JUN YU WU
Student Number: 0908108
Tutor: Jeff Meadowcroft
Word Count: 1,970

Contents

1. Introduction……………………………………………………………………...Page 3
2. Global financial crisis (2007-2009)………………………………………Page 3
3. Influence on world job market……………………………………………Page 3-4
4. Influence on the UK job market………………………………………….Page 4-5 4.1 Short-term changes……………………………………………………..Page4-5 4.2 Long-term changes……………………………………………………….Page 5
5. Analysis of current situation in the UK………………………………Page 5 5.1 “British jobs for British workers”………………………………….Page 6 5.2 Job
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Taking into account those employed part time for economic reasons and discouraged workers was 16.3%. (Bureau of Labor Statistics, US Government, 2009) In Spain, the unemployment rate stood at 18.7% (37% for youths) in May 2009 — the highest in the eurozone. (CBCNews.ca, 2009) In July 2009, the unemployment rate was reduced from 9.5% to 9.4%. Even fewer jobs were lost in August, 216,000, recorded as the lowest number of jobless since September 2008, but the unemployment rate rose to 9.7% in October 2009, it is said that some employers who cut jobs due to the recession are beginning to hire them back. The rise of advanced economies in China, India, and Brazil increased the total amount of word job market significantly. With the rapid development of communication and education in these countries, there are more workers allowed to compete with workers in traditionally strong countries, such as the United States. This has a negative effect on wages and contributed to unemployment. (Telegraph, 2009) In addition, Britain has equal situation in terms of job market.

4. Influence on the UK job market 1. Short-term changes
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The left graph shows that the employment rate for July to September 2007 in the UK was 74.5 percent, peaking at 75 percent in the year-end and dropped to around 72.5 per cent for
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