Over the previous two decades, there has been a discount in the price of unemployment. For instance, in the course of the period ranging from 1993 to 2002, the rate of unemployment reduced from 10.3% to five.1%. The discount in unemployment resulted from creation of employment opportunities. The population of people employed increased from 70.4% in 1993 to seventy four.7% in 2001(Office of National Statistics, 2004, para. 4).
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