Economists predict that more than 1,200 people a day will lose their jobs over the next 18 months. Vicky Redwood, UK economist at Capital Economics, warned: 'The risk of a vicious circle of falling house prices and rising unemployment is growing by the day.'
She predicts that unemployment will hit 2.3m by the end of next year. That will be the highest level since 1996, when the Tories were still in power.
More links to the depressing outlook: