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Unemployment 'will peak at 3.2m' Decline in manufacturing 'eases'
(about 2 hours later)
Unemployment will reach 3.2 million next year, business leaders have warned as they say the UK recession is "likely to continue for some time". British manufacturing fell for the 12th consecutive month in February, but the rate of decline appears to be easing, official figures have shown.
The British Chambers of Commerce (BCC) said its survey showed a "worrying deterioration" in manufacturing, with exports reaching 10-year lows. Manufacturing output fell 0.9% month-on-month in February, the Office for National Statistics (ONS) said. Output had fallen by 3% in January.
Separately, the British Chambers of Commerce (BCC) said manufacturing exports had reached 10-year lows.
The BCC also warned that unemployment would peak at 3.2 million next year.
The most recent official data showed unemployment had risen above 2 million.The most recent official data showed unemployment had risen above 2 million.
However, the BCC said one bright spot came in the service sector where the rate of decline appeared to be slowing. However, the BCC said one bright spot came in the service sector, where the rate of decline appeared to be slowing.
The group called for corrective action as it said the economy continued to face severe threats.The group called for corrective action as it said the economy continued to face severe threats.
'More pain''More pain'
"The Budget is an opportunity for the government to show business that it is doing everything possible to support them," David Frost, director general of the BCC, said."The Budget is an opportunity for the government to show business that it is doing everything possible to support them," David Frost, director general of the BCC, said.
He said that the results of the BCC's survey suggested that unemployment would peak at 3.2 million in the third quarter of 2010.He said that the results of the BCC's survey suggested that unemployment would peak at 3.2 million in the third quarter of 2010.
"To limit the upsurge in the jobless total, it is vital to slash the regulatory burden on business," he said."To limit the upsurge in the jobless total, it is vital to slash the regulatory burden on business," he said.
"Although it is encouraging to see improvement in the service sector, there is more pain to come in this downturn.""Although it is encouraging to see improvement in the service sector, there is more pain to come in this downturn."