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Unemployment rises to 11-year high

The unemployment rate is 5.8 per cent, which is 0.4 percentage points higher than the three months to June 2008.

Unemployment hasn’t been this high since 1997.

The figures come a day after Conservative Party leader David Cameron announced incentives to drive down unemployment figures.

However, isango! founder Ranjan Singh is one entrepreneur who is unconvinced Cameron’s plans will help small businesses.

Singh is currently reducing his cost base by cutting jobs at his internet start-up.

“Staffing is our biggest cost so we’re reducing manpower,” he says. “We’ve also shelved some technology projects that didn’t have an immediate return on investment, and are pursuing more rigorous ROI-based initiatives when it comes to marketing.”

The CBI’s Deputy Director-General, John Cridland, comments: “With the downturn now hitting every sector of the economy, job losses are an unwelcome but inevitable consequence of these difficult times.  “It is clear that the human cost of this downturn will unfortunately be higher than initially expected, with unemployment continuing to rise through the coming months.”

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