While it the announcement that the UK is formally in a recession was expected, the size of the fall of GDP took many by surprise. Three quarters have now passed since the UK economy grew, Q2 2008 saw the economy remain flat, to be followed by 0.6% and 1.5% contractions in Q3 and Q4.
And the effects have been felt in Wandsworth. Jobseekers Allowance claims rose steeply in December 2008.Over the course of the year, from December 2007 to December 2008, Jobseekers Allowance claims rose by 937 (3,718 to 4,655). The increase between November and December 2008 was 359 (4,296 – 4655). However, Wandsworth can still claim some good news as it is still in a better position than London and the rest of the Britain; in Wandsworth 2.3% of residents claim JSA, compared to a rate of 3.2% and 3% for London and Britain respectively.