Our Insurers - Aviva, LV, Friends Life, PruProtect, Ageas Bright Grey, Scottish Provident, Legal & General, Exeter Family Friendly

No job recovery for another five years forecasted

Need help? 
Call us on 
Our in-house Experts are here to provide
 FREE impartial advice!

A new report by the International Labour Organisation (ILO) argues that it may take as long as five more years before unemployment and employment numbers return to their pre-recession levels. The report was conducted on data across 69 developed countries, including the United Kingdom and United States.

The International Labour Organisation (which is part of the United Nations) argues that there are now as many as 23 million fewer jobs than there were before the recession took hold back in early 2008.

Compare Top 10 UK Insurers
Takes approx. 60 seconds
Type of Policy
Level of Cover
Date of Birth
Correct format – dd/mm/yyyy
verisign seal
verisign seal

Over the last six months large stimulus packages (such as quantitative easing at central banks) have turned into spending cuts to reduce large government deficits. The ILO argue that the impact of this will be to delay the reduction in unemployment and job growth, resulting in a weakened labour market until as late as 2015.

Budget cuts to hamper job growth

The 2010 “World of Work Report” did highlight areas of improvement in terms of economic growth over the last year but also noted the significant impact that spending cuts could have on jobs in a number of developed economies, including the United Kingdom.

Over the last two years governments have had to prop up their respective economies with increased government spending at a time when tax revenues have fallen sharply. The combined result has been to push public debt up to record levels, with Greece even having to be bailed out by the European Union.

The large rise in government spending helped to prevent a catastrophic collapse in the banking sector and wider economy but has led to national debt levels very close to the realm of instability. As a result, governments are now having to cut back on spending to fight the large budget deficit and debt levels, which will naturally have a very significant negative impact on employment opportunities.

Long-term unemployment a real risk!

The World of Work Report also found that about 40 per cent of unemployed individuals have been without work for over a year now.

The report argues that the weak outlook in the job market for those long-term unemployed can cause significant demoralization, loss of self-esteem, mental health issues and even wider social unrest.

Given the large proportion of individuals who have been unemployed for over a year it makes sense in this market to take out a 24 month mortgage protection plan, which could potentially cover your mortgage loan repayments for up to two years should you suffer forced redundancy.

Compare Top 10 UK Mortgage Insurers
Takes approx. 60 seconds
Need help? 
Call us on 
Receive a cash lump sum for your loved ones to pay off the mortgage in full should you die during the term of your mortgage.
Receive an income to cover your monthly mortgage repayments should you be unable to work due to accident, sickness or unemployment.
Sunday TimesFinancial TimesDaily Mail

Older News Stories

Our Principles
1. You Come First
We are a client focused business who always aim to put you first.
2. We are Experts
To provide you with the best advice, we need to know our stuff!
3. We are Human
We are real people with feelings who are here to help you.
4. We are truly Independent
We believe the best advice has to be completely unbiased.
5. We are here to Educate
We are here to educate you so you can make informed decisions.
Contact Us

We would love to hear from you, whether you are enquiring about our services, a career, or a business partnership.

Email us at help@drewberry.co.uk

London Head Office
Corporate & Wealth Advice

020 8432 7333

Brighton Office
Protection Advice

01273 646 484

Leicester Office
Health Advice

020 8432 7333

Drewberry Insurance is rated 4.93 stars by Reviews.co.uk based on 215 merchant reviews

© Copyright 2016  |  All Rights Reserved
Published by Andrew Jenkinson
Financial Services Authority