Jobless total ‘to rise above 11% next year’

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Analysts warned the number of people out of work will jump to 3.2 million from the current 1.97 million.

That would mean an unemployment rate of 11.2% — the highest since the recession of the mid-1980s — according to a report, Britain on the Brink, by forecaster Business Monitor International.

The report also warned that the economy will shrink by 3.5% this year, and house prices will retreat by 41% from peak to trough — and take more than 10 years to return to 2007 levels.

It added that the pound will remain weak for the next three years, "dragged down by recession, huge budget deficits, low interest rates and increasing political risk".

Report author Terry Alexander said: "The recession is going to be deep, it's going to be protracted, and we are not going to see any meaningful recovery until the second half of 2010."