By Editorial Team
All this talk about the referendum can raise about the question, what is the British public voting for? One of the subjects both sides of the vote bring up is jobs and what will be the state of employment for the nation. The current rate of unemployment in the UK is a t 5.1% which is relatively low, and considered a very normal rate. *The current GDP is at 0.4%, down from the previous 0.6%, which shows a slowing in the overall growth in the U.K.
The youth is of a major focus in unemployment, especially when comparing to the rest of members of the EU. The U.K. has a youth-unemployment rate at 13% which isn’t too high, in fact when compared to years ago back in 2013 where unemployment reached 21%, this is actually an improvement. But when compared to the rest of the EU, a 13% unemployment rate can look like a blessing. Take one of our closest countries, France, whose youth unemployment rate is at 21%. Other countries include, Spain (45.5%), Italy (36.7%), Belgium (24.5%), where youth unemployment reaches much higher levels.
Out of all counties in the EU, Germany is the only strong standing economic powerhouse. With an unemployment rate of 4.9% and an outstanding youth unemployment rate of 6.2% it is hard to believe how many countries are still in recession.
Can Britain get to the same level of Germany? It certainly can, however in certain sectors (manufacturing, farming, finance), improvements must be made to make room for prosperity. Currently, Britain is experiencing some austerity, and this EU referendum can either make an increase or decrease in how many people struggle on a daily basis. All the British public must do is make the most justified, and helpful decision. They should think not just about their own status, but also those in our future generations who will have the full brunt of this decision. This summer will be one for the history books, and most likely it may be the last shot for Britain in deciding if staying is the right option.
*Information found from tradingeconomies.com.