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Credit card charges: Long-term unemployment at highest level since 1997

A large number of people may be facing credit card charges as new figures show that long-term unemployment is at its highest level since 1997.

Recent research by the Institute for Public Policy Research (IPPR) showed that in Britain, there are now 850,000 people who have been unemployed for more than a year. This figure is a rise of 20,000 since January 2011.

Nick Pearce, IPPR director, said: "Being out of work for more than a year can have a scarring affect, making it harder to get a job and as well as having a negative impact on one's health and wellbeing.

"The government's decision to abolish job guarantees for young people may leave a generation of young people scarred for many years to come."

Findings also showed that the proportion of men out of work for more than a year rose to 40 per cent, while 27 per cent of women have been out of work for more than 12 months.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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