Austerity isn’t working

2.59 million – total number of people unemployed (8.1% of population)
475,000 – number of job vacancies

1.57 million – number of people claiming Job Seekers Allowance

1 million – number of people aged under 25 who are unemployed

904,000 – number of people unemployed for over 12 months

8.12 million – number of people working part time

1.42 million – number of people working part time because they cannot find full time work

1.9million – number of people in full-time employment but want / need to work more hours

1.75 million – number of children in workless households

1.5% – average annual pay rise (including bonuses)
2.5% – annual rate of inflation

2011 4th Quarter growth rate (minus) -0.2%
2012 1st Quarter growth rate (minus) -0.3%
2012 2nd Quarter growth rate (minus) -0.7%

Public sector net debt now stands at above £1 trillion, compared to £940 billion a year ago, and represents 65.7 per cent of the UK’s GDP, up from 61.8 per cent last year.

In July 2012, the Govt was required to find an extra £600m to plug the gap between spending and tax revenues, having registered a £2.8bn surplus in the same month in 2011.

In the four months since George Osborne’s March 2012 Budget the Govt has now borrowed £9.3bn more than it did over the same period last year.

Social benefit payments have risen by 7 per cent, reflecting the fact that more people are on the dole than this time last year.

Sources: Guardian – ONS – BBC – Trading Economics – Independent

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