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Unemployment in the UK is rising at its fastest pace since 1991 as financial institutions and the wider business community battles the declining economy.
The number of people receiving jobless benefits rose by 75,700 to 1.07 million in November alone, according to the UK Office for National Statistics.
This was the highest level of jobless benefits recorded since July 2000.
Back home federal treasurer Wayne Swan has urged Australian businesses to hold off on job cuts for as long as possible to help steer the economy through the current economic weakness.
Unemployment in Australia has held relatively steady at 4.4 per cent however a string of job cuts in the lead up to Christmas has prompted concerns that unemployment will rise significantly in 2009.
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