TIMESONLINE: The number of people signing on for jobless benefits jumped at the fastest rate since 1971 last month as the number of people out of work rose to more than two million, the highest level since Labour came to power in 1997, official figures show.
The number of people claiming jobless benefits rose by a record 138,400 last month, taking the total number in dole queues to 1.39 million, figures from the Office for National Statistics show.
The wider survey-based measure of unemployment showed that the number of people out of work jumped by 165,000 in the three months to January, to 2.03 million, the highest level since Tony Blair became Prime Minister.
Some City economists forecast that unemployment is set to spiral much higher, to about 3.3 million, levels not seen even during the 1980s recession.
Sterling fell to fresh seven-week low against the euro of 93.96 pence, while the pound hit a session low against the dollar at $1.3848 as investors digested the bleak figures. >>> Grainne Gilmore | Wednesday, March 18, 2009
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