John Pollock, Group Board Director for Legal & Generalâ€™s Risk businesses, commenting in response to today's ONS announcement on November unemployment figures said:
18 January 2012
"Last month Legal & General's economists and strategists highlighted the problems ahead for the global economy in 2012 and today's unemployment figures appear to support their view, that it will be a very difficult next 12 months. They predicted that unemployment will continue to rise further next year, such that, by the end of 2012 there could be over 3m people unemployed, if their economic forecasts are accurate.
With the figure for the number of people unemployed standing at 2.68m and cuts in public and private sector, and retail businesses closing almost daily, it does look as if more UK households will continue to struggle. So having a financial cushion in the form of some insurance cover, whether that is to help cover income or protect prople's homes and thier health, has never been more important. The help insurers provide to those people who have been able to secure some insurance cover can improve their chances of getting back into work and keeping their homes. This importantly means that it lifts the financial pressure on society and Government, so they are able to focus funds on helping those who don't have cover in place. Working together should help us all to get through this worsening employment crisis."
For more information please contact:
t: +44 (0) 1737 375369
m: +44 (0) 7788 926790