- Wednesday, 12 August 2009The number of people entering into
individual voluntary agreements (IVAs) could rise with unemployment anticipated to reach a 15-year-high.
Many experts believe that unemployment in the second quarter could have increased at a similar rate as the three months to May, when it rose by 281,000 to 2.38 million.
As a result, it is widely believed that unemployment will surpass the 2.5 million mark, with some suggesting it will continue to rise further and ultimately reach more than three million.
Howard Archer, HIS Global Insight economist, said: "Unemployment still looks highly likely to rise above three million in 2010 and we suspect it could eventually peak around 3.2 million.
"We suspect that unemployment will rise for the rest of this year and much, if not all, of 2010."
With unemployment comes a higher risk of insolvency and bankruptcy and therefore an increased possibility of more people entering into alternatives such as IVAs.
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