As financial crisis soaring in Euro Zone, United Kingdom is also unable to protect from the harms. Initially, common currency is considered one main hidden causes of debt crisis of Greece and Spain. Later on blame for common currency proved unrealistic when Hungary faced same debt crisis. Recent status published by "Office for National Statistics" figured out about 2.67 million people are hunting for employment. Among the unemployed people, youth accounted 22.5% that is 1.042 Million. An unemployed named Geoff from Kent shared with BBC media person that he applied for 1639 jobs during a years. Mr. Geoff is a middle aged man who has to work for his whole rest of life but getting rest in home looking suitable jobs. Mr. Geoff holds University graduation and has served 21 years already as police officer. Seriously Geoff stated further, his wife being recovered from cancer and two of their boys are at school and very worried as they are unemployed.
Similar statements come from a woman who has crossed 50. Ms Kete Dodd, focused unemployment is not only problem of youth, women having ages 50 are struggling to get right job. She has dropped University that she joined after jobless but could not continue as her husband has become free. And the situation of women, who crossed 50 by age and suffering jobs, is worst. Some masters graduate of computer science and specialist in museum management looking jobs and ready to work irrespective of their graduation. A new mum who dropped her NHS analyst job due to her pregnancy in 2008, now want to return to workplace but she knew well that her previous work place now gets dried.
As recent status of "Office for National Statistics" of UK declared contraction of economic growth by 0.3%. But first two estimations have GDP slimming down by 0.2%. As major underlying causes of such revision ONS has blamed on the transport, communication, business as well as financial sectors revision. Moreover, annual growth for the year 2011 has also been reduced to 0.7% which was announced 0.8%. Household goods like cloths and footwear also downed by 0.4% whereas food stores also lowered by 0.1% compared to January. But overall sales volumes increased by 1% higher than in February 2011.
As economist said it is tedious to predict growth of first 3 moths of 2012 since it is about to pass away. But analysts hope economies grow in first three months of year 2012 and further mentioned there are no more technical reasons to return back economic recession even though economic phenomenon are not in solid way but moving in zig-zag. Staring of 2012 from the prospective of economy is not easier since once again UK currency went into low compared to US dollar status showed. But there are many positive hopes as ONS has not revised all data downwards. Remarkably, investments have been traced out as increased which can be taken a key positive step of economic improvement. Job creation takes place only when investments increase. Further more, a young economist described overall economic picture heading towards growing. He suggested poor performance of last month was not surprising. Many controversies also raised in surface such as budget due on March 21, debt deal of Greece and debt ratio to GDP of UK which may also defecting factors of UK economy. Hopefully, the United Kingdom won't get into recession again. Due to wide range of Euro debt crisis, many developing countries have faced financial challenges as Euro zone's economy is not sole problem of region but of whole world.
As among many negative economic indicators, few positive index of UK economy may help to be boomed in running year as they have got the Jubilee and the Olympics. These events play vital role to build consumers confidence.