UK Unemployment At 15-year High As Outlook Darkens

Bank of England unemployment
Bank of England unemployment

By Robert Barr


LONDON (AP) -- The outlook for the British economy has worsened because of slowing global demand, sagging confidence and turmoil in the eurozone, the Bank of England said Wednesday as new data showed unemployment rising to the highest rate in 15 years.

Unemployment rose to 8.3 percent in the three months through September, the highest since January 1996, as companies prepare for grim times ahead. The Bank of England halved its forecast for economic growth in 2012 from 2 percent to 1 percent, and pared its projection for 2013 by half a point to 2.5 percent.