Despite the UK economy staring down the barrel of an unprecedented triple dip recession, the amount of UK unemployed surprisingly decreased between the months of October and December 2012 by approximately 14,000.
Such decreases have seen the UK set a new record for the amount of people in work with more than 29.7 million people now employed. On the surface such figures look promising; however with little “scratch below the surface” quite a different picture is painted.
The period between October and December 2012 shows that full time employment was actually 378,000 lower than in the period between April to June in 2008, which was the first quarter of the recession. Such differences are evident because there has been a significant rise in the amount of part-time employed workers within the last few years.
With the part-time employment figures 572,000 higher than the start of the recession back in 2008, many workers around the UK are facing a considerable pay squeeze meaning that they have to juggle 2 or more jobs whilst attempting to make ends meet.
Less full time opportunities
Despite the UK employment levels hitting an all-time high in the final quarter of 2012 many job seekers, especially those under 25, are finding the process of landing a full-time position increasingly difficult.
Reports suggest that the number of youth unemployed increased by 1,000 to a total of 957,000 in the last quarter. The times are also notably tough for graduates within the UK who now have to compete with record amounts of competition when applying for vacant positions.
Due to such difficulties and competition it is understandable for ‘long-term’ unemployed to become tired of waiting for a full time job and in-turn disheartened.
Entrepreneurial Spirit
The recession has sparked a leap in the amount of individuals becoming self-employed and starting their own business. The long-term jobless are tired of waiting for an opportunity to ‘magically’ arise and instead are creating their own jobs. Such entrepreneurial spirit has been shown by Britain’s youngest businessman Henry Patterson (Pictured Left). The nine year old schoolboy started his enterprise by selling bags of manure for £1 at just the age of seven. Now he has started a children’s online sweet shop called ‘Not Before Tea’. The business idea, logo and marketing were all the ‘brainchild’ of young Henry whose sweet business has already smashed his first month’s profit margin. Such drive and determination from someone so young is an inspiration to many who are struggling to find an income.
If you have a ‘sweet tooth’ and are ready to follow in Henry’s footsteps, now could be the perfect time to dive headfirst into the world of business. Prior to setting any decisions in stone it is important to be fully committed and receive as much professional advice as possible. Although it might seem pessimistic it is also a wise decision to think of the worst case scenarios before the business venture begins. Such planning will prepare you for all eventualities including business debt, therefore allowing you to find advice and help from experts.
Taking the leap
If you have an entrepreneurial flair and are ready to take the leap towards your own enterprise, why not give it a go. Henry is a glorious example of “grabbing the bull by the horns” and having a go at it.
Advancements in online capabilities and digital platforms mean that it is possible to start a business from your very own bedroom. The web is full of E-commerce based businesses that are taking advantage of such accessibility and, in-turn, proving that they are long-term money makers.
Good luck to those who are serious about a new business venture!
