Saturday, July 18

Great work if you can get it

It’s been a busy time at work as our financial year draws to a close. It’s always a stressful time as we work to finish strongly and finalise new budgets for the year ahead. As you’d expect, this year’s budget has been all the more challenging as the global recession continues. The stress certainly isn’t helped by continuing headlines of doom and gloom.

This week the Government reported the nation’s largest quarterly rise in unemployment since 1971 (when the measurement methodology was last changed). An astonishing 281,000 people became unemployed in the three months to May. More than 2.38 million people are now out of work. The numbers are simply mind-boggling.

Two weeks ago the Office for National Statistics reported that the national economy shrank by 2.4% in the three months to March; the largest decline since 1958. The result stunned economists, as most had predicted a far smaller drop of 1.5%. GDP is now 4.9 per cent lower than the first quarter of 2008. Depending on who you listen to this is the worst single-year decline in UK history. Within in days it was also announced that projected government debt will to rise to a staggering £1.4 trillion, nearly doubling to 80% of GDP.

Fortunately the news isn't so grim in our household. Garry heard this week that his contract, which expires at the end of the month, is likely to be renewed for a further six months. This will take him through to the New Year with full time work.

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