Rising unemployment adding to repossession fears

Wed, 12 Oct 2011

Rising unemployment seen throughout the UK is likely to increase fears of repossessions, with many people worrying whether or not they will be able to afford housing costs.

Responding to the latest job loss figures from the Office for National Statistics - which has 58 affiliated unions representing 6.2 million employees - Brendan Barber, general secretary of the Trades Union Congress, said the government's austerity measures have resulted in unemployment becoming a full-blown crisis.

The industry figure noted the scale of such redundancies have not been seen since the recession was at its peak.

And with more people out of work, home repossession levels are likely to swell as individuals find it increasingly difficult to pay off their mortgage.

Mr Barber stated: "This unemployment crisis is state-sponsored and areas like the north-east are paying a heavy price, with more than one-in-ten people out of work."

Individuals who have retained their positions may also find the going tough, he explained, as wage rises have fallen back to just 1.8 per cent.

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