OECD: Thinktank predicts Britain's unemployment will rise by more than 100,000

Unemployment in Britain is likely to rise by more than 100,000 as a result of the credit crunch and slumping housing market, the Organisation for Economic Cooperation and Development said yesterday. That will push the jobless rate up to about 5.8% by the end of next year from 5.4% now, with unemployment up to nearly 1.8 million people on the International Labour Organisation's definition of joblessness from 1.64 million now, the Paris-based thinktank said in its annual Employment Outlook. Unemployment in Britain has fallen steadily for more than a decade and has reached its lowest levels for 30 years. It has already started to rise in recent months as the economy has slowed. Job losses are mounting in the City, the construction sector and at estate agents. The OECD said its projections were based on a slowdown in economic... [read full story]