The Government must do more to stimulate economic growth among UK businesses if it wants a drop in unemployment, according to the Confederation of British Industry (CBI).
Figures released today (18 January) show that unemployment numbers have now reached their highest level since 1995, with the number out of work rising further in the last quarter of 2011. According to the data, a further 118,000 were out of work in the last three months of the year, taking the total to 2.685 million.
The figures related to those aged 16 to 24 were also concerning, with numbers rising to 1.043 million - a number which equates to 22.3% of the age group. CBI deputy director-general Dr Neil Bentley admitted that the results were "a major concern" but noted that providing more support to business was crucial.
"The only way to resolve unemployment in the short-term is to pull out all the stops to get the economy moving and businesses growing," he said.
The CBI has long campaigned for a reduction in business rates and VAT in the UK, with businesses facing increased costs as a result of current Government plans to tax increase.