Wednesday 8th of April 2009
More than three million people have been predicted to become unemployed by the time the UK comes out of recession.
The forecast was made by the British Chambers of Commerce (BCC) and could mean that a greater number of people find themselves struggling to repay debt and needing IVA help.
According to chief economist at the body David Kern, 3.2 million people are likely to be out of work by the third quarter of next year.
It comes following the BCC’s quarterly survey of businesses, which also revealed that the economy is expected to shrink by more than three per cent in 2009.
Calling for the government to consider further action in this month’s Budget, Mr Kern remarked: "The measures taken in recent months have failed to alleviate the downturn."
Recent Credit Action figures indicated that demand for IVA advice could be increasing, as one person is being made insolvent or bankrupt every 4.5 minutes.
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVA help could tackle 27% rise in debt
