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Loan charges: Pre-recession employment levels 'years away'

The employment levels seen prior to the recession are still five years away, a report has found, which may leave those experiencing loan charges feeling despondent.

According to the Trades Union Congress (TUC), the 416,000 new jobs created over the past year are not enough to bring the labour market in the UK back to its former levels, especially because the working population is growing.

Brendan Barber, general secretary of the TUC, said: "While recent employment figures have been better than expected, the UK labour market is still very fragile and a long way off the level of jobs we had before the recession.

"New jobs are not being distributed evenly across the country, with employment conditions across northern England actually getting worse in the last 12 months."

He added that the government should rethink its economic strategy in order to stop unemployment levels rising again.

Around 2.5 million people in the UK are out of work, including one million young people.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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