U.K. Jobless Claims Reach Highest in Almost Two Years

Jennifer Rudd/ October 15, 2008/ 7:46 p.m.

U.K. unemployment rose to the highest level in almost two years in September as the prospect of a recession and the global financial crisis prompted a spate of job cuts from banks to construction companies. This is surprising and shocking because our unemployment rates here in the United States are rising because of jobs being shipped overseas. Banks will cut staff in London, the engine of the U.K.'s economy over the past decade, and Bank of England policy maker Andrew Sentance says Britain may already be in recession. This is not a good sign at all for banks because when banks have to take out more loans that possible, something is seriously wrong. The Prime Minister said that they are doing everything they can to keep jobs there but if the economy is bad, so people’s pay need to go. The Bank of England cut its benchmark rate by half a point to 4.5 percent last week in an emergency action with other central banks across the world to prevent financial markets from collapsing. This to me says a lot about a country other than just the obvious, it says that they: are willing to receive help from anyone which shows pride in a state of loss or panic and, also, that they are willing to do anything for their country, even if it means there jobs in some cases. Economic growth stalled in the second quarter, ending the longest stretch of uninterrupted expansion in a century. The International Monetary Fund predicts the U.K. economy will contract 0.1 percent next year after forecasting growth of 1.6 percent six months ago. This is extremely good news in their case and something to grow and achieve together.

I feel that right now the United States is kind of going through the same thing just because of the huge election coming up and also because times are tough right now and we need to work together to get out of it. Our country has come united in so many cases throughout history, especially September 11, 2001, which is the only major country shocker to happen in my lifetime. I have talked to my grandparents about the whole situation and they said when the Great Depression occurred no one was prepared at all, we are in most cases, so it will more than likely not come to that.
http://www.bloomberg.com/apps/news?pid=20601102&sid=aGrXs_.K1sJ0&refer=uk