UK unemployment increases to 2.5 million
The number of people unemployed in the UK rose by 43,000 to 2.5 million during the three months to February, official figures have shown, resulting in the jobless total being at it's highest since 1994.
The rate of unemployment now stands at 8% - the highest since 1996 - the Office for National Statistics said. However, the total number of people claiming unemployment benefit fell in March by 32,900 to 1.54 million - a much sharper fall than expected.
The ONS figures showed youth unemployment rising, with 929,000 16 to 24-year-olds out of work in the December to February period - a rise of 4,000 on the previous three months. Unemployment among the over-50s rose by 7,000 to 396,000.
There was also a rise in the number of people classed as economically inactive - those out of work and not seeking work. They rose by 110,000 to a record total of 8.16 million, equivalent to 21.5% of the population. The majority of that rise was due to an increase in the number of students, as young people decided to enter education instead of seek jobs.
Commenting on the figures, the Work and Pension Secretary Yvette Cooper, said the figures were in line with the government's expectations.
"What this shows is that we are not out of the woods yet," she told the BBC.
"That's why it is so important that we keep increasing the support for the unemployed, but also that we sustain the overall support for the economy."
Posted at 07:17PM Apr 21, 2010 by Kelly Board in Sport Finance | Comments[0]
Portsmouth's Debts Revealed
The state of Portsmouth FC's perilous finances have been laid bare for all to see. Administrators UHY Hacker Young have published a 70 page document, detailing what the club owes. The headline figure is a total debt of £119m. The club owes £17.3m in transfer fees, £9.7m to players' agents and scouts, £17.1m in unpaid tax and national insurance contributions and £38.2m in unsecured loans. They also owe £35,000 to Saints and just under £42,000 to King Edward VI School in Southampton. The document also reveals Fratton Park is officially valued at £7.7m - although the administrators consider it to be worth £15m while the club's playing squad is valued at a total of £30m. All the non-playing staff at the club have agreed to defer wages in an attempt to help the club operate on a day-to-day basis, although no mention has been made of the players themselves. The club also owes £3m to current and ex-players for so-called image rights. The administrators predict that without any player sales or deferring of player wages, there will be a shortfall of £7m between the club entering administration and the end of the season. Meanwhile, boss of the Premier League, Richard Scudamore has said that there is no chance of the Premier throwing Pompey a lifeline and that their predicament is purely down to mismanagement of the club. Speaking on Radio 5 live, Mr Scudamore rejected the idea as "absolutely crazy", pointing out that the distribution of TV rights money already provided clubs with at least £30m per season. "You cannot possibly link the distribution of our income with Portsmouth's woes," he said. "If a Premier League club falls into administration it is down to bad management at the club. "If you start the season knowing you are going to get between £30m and £50m as a starter fund from the Premier League… it is entirely possible to get yourself organised so that you don't get yourself into the difficulties that Portsmouth got into." He added that the priority was to see Portsmouth survive as a football club.
Posted at 01:11PM Apr 21, 2010 by Marc Stenton in Insolvency | Comments[0]
