Unemployment could hit 3m: L&G

UK unemployment has hit a 17-year high.

According to the Office for National Statistics, at 8.3% the unemployment rate is at its highest since 1996.

Youth unemployment held at a record high of over one million and the total number of unemployed people rose to 2.64 million over the three months to October.

John Pollock, group board director for Legal & General’s Risk businesses, said: “It is worrying to see yet again another increase in the number of people unemployed. Fears are growing that unemployment will continue to rise further next year. Legal & General’s latest forecast is that the rate of unemployment will rise to 9.2% by the end of 2012