Monday, May 15, 2006

Number claiming unemployment benefit up 10% yoy

The Observer - UK: Markets booming, but jobs disappear

100,000 more people are out of work and claiming benefits than this time last year. Some commentators are suggesting that native low skilled workers may have been displaced by migrant workers from the new EU member states.

Posted by paulm @ 10:51 AM (601 views)
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1. talking rot said...

This is an interesting article. I do not buy into David Gabay's argument that the BoE will be forced to cut rates to prevent economic slow-down. The BoE's responsibility is to fight inflation, not stimulate growth; the latter is for politicians. If inflation is high, but unemployment is growing, then the BoE must increase interest rates or loose credibility.

Our politicians wish us to be like Europe. Does that mean low growth and high unemployment like France and Germany? (even though Europe has low interest rates compared to the UK's historical average).

The only sure fact is that a downturn in the US's economy will result in a downturn in ours - but this isn't news.

Monday, May 15, 2006 12:25PM Report Comment

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