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18/01/2012

R3 comments on latest unemployment figures

“The latest figures from the ONS show that the unemployment rate is 8.4 per cent of the economically active population, up 0.3 on the last quarter. This continued rise in unemployment is unsurprising and is likely to lead to increasing numbers of people struggling with their personal finances.

“Recent research by R3 found that 45% of people were struggling to payday and 60% are concerned about their current level of debt. With so many already having difficulties with their finances, sudden unemployment could lead to unavoidable personal insolvency.

“Furthermore 27% of the population said they had no savings at all and 40% were saving less than usual. In these economic dark days we should see more people saving in order to be prepared for an unexpected change in circumstances. For those who have found themselves out of work and are concerned about their personal finances, it is vital that they seek advice early, to prevent getting into serious debt that could lead to insolvency.”

R3 President, Frances Coulson

-Ends-

 

For further information please contact:

 

Antoinette Huka, Communications Officer

 

T : 020 7566 4217 m: 07825 679 462 e: antoinette.huka@r3.org.uk

 

Will Black, Communications Manager

 

T: 020 7566 4215 m: 07917 422 485 e: will.black@r3.org.uk


Notes to editors:

  • R3 is the trade body for Insolvency Professionals, and is made up of 97% of the UK’s Insolvency Practitioners from all over the UK.
  • R3 comments on a variety of personal and corporate insolvency issues. Please contact the press office or see www.r3.org.uk for further information.
  • R3 stands for ‘Rescue, Recovery, and Renewal’ and is also known as the Association of Business Recovery Professionals.

 

Notes to editors:

  • R3 is the trade body for Insolvency Professionals and represents the UK’s Insolvency Practitioners.

  • R3 comments on a wide variety of personal and corporate insolvency issues. Contact the press office, or see www.r3.org.uk for further information.

  • R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by recognised professional bodies
     
  • R3 stands for 'Rescue, Recovery, and Renewal' and is also known as the Association of Business Recovery Professionals.