UK unemployment reaches 2.64 million

The latest UK unemployment figures for the three months to October show that the jobless rate was 8.3%, up from 7.9% on the previous quarter, according to the BBC.

Young people have been the hardest hit by the lack of jobs - of the 2.64 million unemployed, 1.027 million were 16 to 24 year olds. Of those, two fifths have been out of work for six months or more, which means they face an extra barrier when applying for a job.

The job losses hit men hardest - 83,000 more men became unemployed compared with 45,000 women.

In the third quarter of this year there were 63,000 fewer people in work than in the previous quarter. The majority of those job losses were in the public sector, where 67,000 jobs were lost. Only 5,000 jobs in the private sector were created to fill the gap.

A spokesperson for debt management company Gregory Pennington commented: "Unemployment can be a major trigger for a problem with debt, as a diminished income makes it more difficult to meet existing commitments. Anyone concerned about their level of debt should speak to a debt expert".