British banks fail to generate jobs - Simon Dixon comments

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British unemployment is set to rise further this year and will remain high for the next 18 months, says a new study by the UK's Institute for Public Policy Research.

According to the study, Britain is currently suffering from an unemployment rate near 8.5 percent, with almost 2.7 million people out of work, which is the highest level since 1995.

More than one million 16 to 24-year-olds are already out of work, with new figures later this month expected to show another rise.

Press TV has conducted an interview with Simon Dixon, author of 'Bank To The Future' and founder of BankToTheFuture.com, to further discuss the issue. The following is a transcription of the interview.

Press TV: 10.7 percent projected unemployment by 2016 for a major European power like the UK sounds like quite a bombshell. How significant & widespread will its consequences be, do you think?

Dixon: This is massively significant. To reach 10 percent unemployment is uncharted territory in recent history. What we seem to be seeing is a massive amount of unemployment coming from the young people fresh from the university as well.

With youth unemployment at such high rates, what hope have we got, really, without turning those figures around?

Press TV: As we've pointed out, this would be the highest unemployment rate since '95. How successful was the UK then in dealing with it, and have any lessons been learned from then?

Dixon: What we haven't done and what we haven't changed, and what we're not addressing right now is jobs in the UK. 60 percent of jobs come from the small business sector.

The key to getting that turn around is unemployment figures that we need to get more money, more loans into the unemployment, into the small business sector.

Right now, we're still in a banking system where almost all money goes to mortgages and consumer debt which really don't have any kind of positive impact on the unemployment figures.