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Good And Bad Economic News In UK

by Jim ONeil on January 23, 2012

in Personal Finance News

On Wednesday, the Office for National Statistics reported that the unemployment rate in the UK reached the highest level in 16 years. For the three months ending in November 2011, the jobless rate in the region was 8.4 percent. The number of unemployed UK citizens increased by 118,000 for a total of 2.68 million unemployed, the largest since 1994.

Despite this news, indexes in the UK climbed due to an anticipated $1 trillion increase in lending resources from the International Monetary Fund.

Despite this positive turn in the market, traders remained cautious. The International Energy Agency and the World Bank lowered both their oil demand growth forecast and global economic outlook for 2012, providing just cause for investor trepidation.

Greece cannot come to an agreement with its bondholders on how to restructure its debt. Things continue to be very unstable on that front and talks are ongoing.

The jobless rate increase was perhaps the worst news to reach UK citizens this week. Despite this, there are some positive job trends to report. Employment of 16 to 24 year-olds increased 22.3 percent during the quarter, reaching a record 1.04 million.

Total pay including bonuses also increased to 1.9 percent from one year earlier. Regular pay excluding bonuses rose by the same amount. It seems that though more UK residents are unemployed, fewer of them are between 16 and 24 years old.

What does all of this mean? Economic conditions are still very shaky and consumers should be prepared for the worst. Now is the time to consolidate and repay debt and begin saving for the future. Stable investments like gold and silver are good places to put some money.

They serve as a hedge against inflation and currency and are positioned to increase in value through the end of the year. Some experts say prices may even break records.

Consumers who are struggling financially may not find much relief this year. Food, utility, and fuel prices remain high and inflation continues to be an issue. Many citizens are struggling to get by on limited incomes now stretched further by cost of living increases.

Their income or credit status may prevent them from qualifying for loans bank offered. When this happens, some people begin exploring alternative types of financing.

No credit check loans are solutions for consumers with poor credit. Small sums of money are lent for a short period, allowing people to get back on their feet. Approval hinges on employment status and income, not credit score or history. For these loans, APR is higher because the situation is risky for lenders.

Terms for these loans range from a few weeks to seven or more years. Applying is easy and can usually be done online. Applicants with arrears, defaults, CCJs, and even bankruptcy qualify for this financing. Funding is typically done electronically to a bank account and often occurs within a few hours, a day at most.

With more rough waters ahead for the UK economy, a loan like this prepares consumers to weather the storm.

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