The Impact of Financial Crisis on the Uk Job Market
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 shortage for unskilled youths…………………………………Page 6 5.3 Tendency of the UK job market……………………………………Page 6-7
6. Potential solutions……………………………………………………………Page 7
7. Conclusion……………………………………………………………………….Page 7
8. References……………………………………………………………………….Page 8
1. Introduction It is important to investigate the changes on UK job market which were mainly caused by the global financial crisis. Since the global financial crisis happened in 2007, it has brought about a far reaching influence on world job market. Figures reveal that an estimated 6.0 percent of the world’s workers were not working but looking for a job in 2008. (International Labour Organization, 2009) The situation in the UK is even worse. The latest official jobless figures showed that the number of work in the UK had risen to its highest level since 1995. (BBC, 2009) This report will describe the impact which the financial crisis (2007-2009) has had on the UK job market and to find potential solutions to overcome this crisis. First, it will describe the background of the global financial crisis and how it has influenced on world job market. Then it will discuss short-term changes in the UK job market which were caused by the financial crisis and long-term changes
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 shortage for unskilled youths…………………………………Page 6 5.3 Tendency of the UK job market……………………………………Page 6-7
6. Potential solutions……………………………………………………………Page 7
7. Conclusion……………………………………………………………………….Page 7
8. References……………………………………………………………………….Page 8
1. Introduction It is important to investigate the changes on UK job market which were mainly caused by the global financial crisis. Since the global financial crisis happened in 2007, it has brought about a far reaching influence on world job market. Figures reveal that an estimated 6.0 percent of the world’s workers were not working but looking for a job in 2008. (International Labour Organization, 2009) The situation in the UK is even worse. The latest official jobless figures showed that the number of work in the UK had risen to its highest level since 1995. (BBC, 2009) This report will describe the impact which the financial crisis (2007-2009) has had on the UK job market and to find potential solutions to overcome this crisis. First, it will describe the background of the global financial crisis and how it has influenced on world job market. Then it will discuss short-term changes in the UK job market which were caused by the financial crisis and long-term changes
References: BBC. (2009, September 16th). UK unemployment climbs to 2.47m. Retrieved October 13th, 2009 from: http://news.bbc.co.uk/1/hi/business/8258405.stm BBC International Labour Organization. (2009, January). Global Employment Trends January 2009. Retrieved October13th, 2009 from: http://www.ilo.org/public/english/region/ampro/cinterfor/news/get_2009.pdf Wikipedia Office for National Statistics. (2009, November 11th). Employment Rate falls to 72.5 per cent. Retrieved November 14th, 2009 from: http://www.statistics.gov.uk/CCI/nugget.asp?ID=12 Catherine Barham, Stephen Hicks and Jamie Jenkins BBC. (2009, March 9th). EU workers 'no impact ' on UK jobs. Retrieved October 16th, 2009 from: http://news.bbc.co.uk/1/hi/uk_politics/7933272.stm BBC HM TREASURY. (2008, March). The UK economy: analysis of long-term performance and strategic challenges. Retrieved October 15th, 2009 from: http://www.hm-treasury.gov.uk/d/bud08_strategicchallenges_645.pdf Sara Lemos and Jonathan Portes International Labour Organization. (2009, June). Recovering from the crisis: A Global Jobs Pact. Retrieved October 16th, 2009 from: http://www.ilo.org/public/libdoc/ilo/2009/109B09_101_engl.pdf