Coalition hits back at IFS

first_imgWednesday 25 August 2010 9:09 pm Coalition hits back at IFS KCS-content THE coalition government hit back yesterday against claims its austerity budget is regressive and will hit the poorest hardest.The Institute of Fiscal Studies (IFS) claimed poorer families will suffer most from stringent welfare cuts such as slashing housing benefits.But deputy Prime Minister Nick Clegg, whose reputation relies on convincing the electorate that the Budget is fair, criticised the “partial” IFS report. He said: “If you just look at who is receiving benefits then, in a sense, you don’t ask the most important question of all – how you can relieve poverty and make Britain fairer.”He added: “[It is a] single snapshot that simply doesn’t provide the full picture of what we are trying to do.”He was joined by financial secretary Mark Hoban, who said the report made “some fairly challenging assumptions about the impact of some of the welfare reforms.” The IFS’s conclusions were supported by the National Institute of Economic and Social Research, another respected thinktank. Simon Kirby, an economist, said the work appeared “very robust”, and added that the situation may be even worse than the IFS suggested because its model did not account for spending cuts. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Tags: NULLcenter_img whatsapp Show Comments ▼ Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndoTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdUndo whatsapplast_img read more

Kerviel jailed over trading scandal

first_imgTuesday 5 October 2010 4:51 am Tags: NULL whatsapp More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comPuffer fish snaps a selfie with lucky divernypost.com John Dunne Show Comments ▼ whatsapp Former Societe Generale trader Jerome Kerviel was sentenced to five years in prison by a Paris court for his role in a trading scandal and ordered to reimburse the French bank 4.9 billion euros (£4.2bn).The 33-year-old, sitting in a dark suit and tie and staring at the floor with his arms folded, was ordered to stand to hear he had been found guilty of breach of trust, computer abuse and forgery.The judges said Kerviel had not been given even tacit authorisation from his bosses to speculate excessively and that SocGen’s own shortcomings did not exonerate him from his duties as a professional trader.They also said Kerviel knew exactly what he was doing in overstepping his remit as a trader and that he sought to hide his trading positions.“Kerviel knowingly went beyond his remit as a trader,” presiding judge Dominique Pauthe told the court. Kerviel was ordered to spend three years in prison, with the remaining two suspended. The public prosecutor had recommended Kerviel serve at least four years behind bars, with a fifth year suspended.Kerviel’s lawyer Olivier Metzner told journalists he would appeal the decision which he added was “senseless” and the prison sentence was “extraordinary.”Tuesday’s verdict draws a line in the sand for SocGen, which has worked hard to clean up its image and tighten risk controls since the scandal broke in 2008.The bank had maintained Kerviel acted alone and egregiously in taking unauthorised positions worth 50 billion euros that cost 4.9 billion to unwind.Kerviel did not deny he took risky bets and lied to cover them up but claimed his superiors knew what he was doing. During his three-week trial in June his lawyers cast him as an innocent pawn, corrupted and goaded by a bank that was hooked on risk.“The accident we had has made us more aware… I think the bank will move on after today,” said Alberto Valenzuela, Deputy CEO of Societe Generale Private Banking (Suisse) SA and Global Market Manager for Latin America. Kerviel jailed over trading scandal Sharelast_img read more

Foster’s courts new bids for wine business

first_img Show Comments ▼ Foster’s courts new bids for wine business whatsapp Tuesday 26 October 2010 2:57 am John Dunne whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Foster’s, Australia’s largest brewer, stands ready to consider any further offers for its $3bn (£1.9bn) wine business, Chairman David Crawford told Foster’s annual general meeting on Tuesday.Crawford reiterated that an earlier approach from a private equity firm reportedly Cerberus – worth up to $2.5bn was “totally inadequate”. Share Tags: NULLlast_img read more

Tensions rise on EU treaty…

first_img THE EU was yesterday struggling to ensure Franco-German tensions did not threaten a major summit dealMember states were trying to thrash out changes to the EU treaty to strengthen the bloc’s budget rules to avert new sovereign debt crises.EU leaders are expected to approve proposals by a task force of finance ministers to impose sanctions on member states that violate budget deficit and debt limits.But Germany and France, the EU’s dominant powers, have upset many of their partners by reaching a deal independently to push for changes to the bloc’s fundamental treaty, which they say are needed to guarantee long-term fiscal discipline.“There will be a hot discussion on treaty change,” said a senior EU diplomat. But he added: “We will approve the task force report in the shape it was agreed.”Germany wants limited amendments to the EU’s Lisbon treaty to allow for a permanent system to handle sovereign debt crises in countries that use the euro and has threatened to block the other reforms if no deal is reached on treaty alterations.Such an outcome could unsettle financial markets looking for legal certainty and already worried by debt problems in Eurozone countries. Wednesday 27 October 2010 9:02 pm Show Comments ▼ Tensions rise on EU treaty… KCS-content Share whatsapp Tags: NULL Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapplast_img read more

Boris: I support benefit plans

first_img Tags: NULL More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Show Comments ▼ BORIS Johnson yesterday insisted he backed government plans to cap housing benefit, after he was quoted saying that “Kosovo-style cleansing of London” would not take place on his watch. The comments, which were seen as an attempt to win concessions from the government, were given short shrift by Downing Street. Later, the Mayor rushed out a statement insisting his words had been taken out of context.He said he was dismissing those who suggested the policy was akin to a form of ethnic cleansing. Sharecenter_img Thursday 28 October 2010 9:02 pm Boris: I support benefit plans KCS-content whatsapp whatsapplast_img read more

Osborne may water down bonus rules

first_img whatsapp whatsapp KCS-content Share GEORGE Osborne has set a collision course with business secretary Vince Cable after it emerged he may water down bank bonus rules.The chancellor is on the verge of scrapping planned legislation forcing banks to disclose bonuses over £1m, according to a report in the Financial Times.Bankers have lobbied Osborne, saying London’s position as a financial hub could be harmed as firms consider moving abroad to escape the rules.But any watering down of the bonus rules will almost certainly lead to clashes with Cable, who has strongly campaigned for greater transparency.Osborne is understood to favour a united action with the US and Europe.Both Cable and Osborne were unavailable for comment last night. More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPuffer fish snaps a selfie with lucky divernypost.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemUndocenter_img Monday 22 November 2010 6:28 am Show Comments ▼ Osborne may water down bonus rules Tags: NULLlast_img read more

UK public borrowing hits record high

first_img UK public borrowing hits record high Tuesday 21 December 2010 5:08 am whatsapp UK public sector net borrowing unexpectedly surged in November to the highest level ever recorded, official figures have shown.The Office for National Statistics said public sector net borrowing, which smoothes some of the monthly volatility in government revenue and spending, came in at a record £22.77bn in November – up from £16.72bn a year ago and well above forecasts of around £17bn.The deterioration was due to higher government spending, a bigger contribution to the EU and significantly higher spending on health and defe nce than in previous years, the ONS said.The government’s preferred measure on which fiscal forecasts are based, PSNB excluding financial sector interventions, came in at £23.31bn, up from £17.4bn a year ago, and also a record high.Total public borrowing for the fiscal year to date is lower than it was a year ago. However the figures are likely to raise concerns about the government’s four-year plan to virtually eliminate the budget deficit.The PSNB excluding financial interventions for the year to date came to £104.4bn compared to £105.07bn for the year-ago period, and the Office for Budget Responsibility forecasts it will hit £148.5bn this fiscal year.The public sector posted a net cash requirement of £16.81bn, also above forecasts for a slight fall to £14bn and up from £14.78bn a year ago.For the fiscal year to date, the PSNCR totals £83.52bn, below the £96.16bn recorded between April and November 2009.The ONS said public sector net debt including financial sector interventions as a percentage of GDP rose to 65.2 per cent, its highest since records began in March 1993.Excluding financial sector interventions, public sector net debt was 58 per cent of GDP, also the highest since records began.Public concerns about the scale of austerity measures needed to reduce government borrowing are already weighing on confidence. A survey by GfK NOP showed consumer morale held at its lowest level since July in December. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proofcenter_img Show Comments ▼ whatsapp Share alison.lock Tags: NULLlast_img read more

Barclays may overhaul its remuneration

first_img BARCLAYS could completely overhaul the way it remunerates its top staff next month.Bob Diamond is considering paying a portion of bonus payments for his top 1,000 staff in contingent convertible bonds – known as Cocos.Cocos are a more politically acceptable form of remuneration as they convert from debt to equity if a bank runs into trouble, therefore becoming relatively worthless, unlike debt which is likely to be repaid.The bank told City A.M. no decisions have been made on bonuses yet. The bank will report its results on 15 February and bonuses will be announced after that.Diamond will also announce a strategic review that will target underperforming parts of the business and could lead to significant job losses.Meanwhile, an accord between the government and UK banks on lending and pay stalled again yesterday, with an agreement now not expected until next month.The talks – dubbed project Merlin – aim to secure assurances that banks will lend almost £200bn to small businesses and pledge to be more transparent over pay. In exchange the government will offer to end “banker bashing” by ministers and guarantee there will be no further crackdown on bonuses.However, banks are understood to be hesitant, with lending commitments likely to be agreed at far below the number being discussed. Santander has already pulled out of the talks, instead opting to deal directly with the Treasury, and City A.M. understands Barclays is unhappy with tough new rules being proposed about disclosure of staff remuneration. Banks are also understood to have clashed with the government about commitments to the so-called “Big Society Bank,” which would provide lending facilities to charities and voluntary organisations. Cameron had hoped to secure lending of more than £1bn but is unlikely to achieve anywhere near this sum. Barclays may overhaul its remuneration KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search Ads More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com Show Comments ▼center_img whatsapp Sunday 23 January 2011 10:45 pm Tags: NULL Share whatsapplast_img read more

Prudential beats forecasts on Asian growth

first_img Wednesday 9 March 2011 4:06 am John Dunne whatsapp Tags: NULL whatsapp Sharecenter_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Prudential beats forecasts on Asian growth Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald Prudential, Britain’s biggest insurer, beat forecasts with a 24 per cent increase in its 2010 profit, helped by continued strong growth in Asia, and hiked its dividend by a fifth.Prudential made an operating profit of £1.94bn last year, up from £1.564bn in 2009.Analysts had expected a profit of £1.73bn, according to a consensus forecast calculated by the company.Prudential has sworn off big acquisitions and set itself ambitious cash generation and profit targets in an effort to mend relations with investors, severely dented last year by a failed $35.5 billion bid for rival AIA.The company was forced to pull the bid in June last year after shareholders baulked at the price, leaving it to shoulder £377m in costs, and prompting calls for chief executive Tidjane Thiam and chairman Harvey McGrath to quit. last_img read more

Good and bad news on the jobs front

first_imgWednesday 16 March 2011 10:42 pm Good and bad news on the jobs front KCS-content THERE are not enough jobs in Britain. Among all the claims and counter-claims about the state of the economy, that is one of the few facts that everybody agrees on. The number of unemployed people was up 87,000 from a year earlier, according to the least unreliable survey of these matters; the true number is higher. The young are finding it especially hard to find work. Those of us fortunate enough to have a job should thank our lucky stars; nobody should ever downplay the traumatic financial and psychological toll of unemployment.But while unemployment has risen, the overall picture is less grim. It actually confirms that the economy is recovering, led by the private sector, and that it is rebalancing faster than hoped for. This is not a jobless recovery. The private sector is creating more than enough jobs to replace those being lost by the public sector. And while it is true that overall spending cuts haven’t really started yet, reductions to the state’s payrolls have already been proceeding in earnest. In the most recent quarter, public sector employment was down 123,000 year on year (a drop of two per cent) excluding state-owned financial companies (132,000 or 2.1 per cent, including them). This is the biggest drop since 1994. The rate of public sector jobs cuts will probably remain roughly constant over the next few years. It is unlikely to accelerate – or if it does, the cull will end earlier than expected. But private sector employment rose 428,000 (1.9 per cent) year on year, the biggest rise since the first quarter of 2008 and taking the net rise in overall employment to 296,000 over the past 12 months, a respectable figure. The problem was that the amount of people looking for work went up faster than the total number of new jobs created. Britain probably needs to create 400-500,000 extra jobs a year to start cutting unemployment noticeably. But the private sector is doing well despite weak overall GDP growth and a growing burden of tax and regulation. For every state sector job being lost, 3.5 are being created in the private sector. Even more encouragingly, while the jobs recovery started off with part-timers (up 206,000 over the past year), there has now also been a rise in full-timers (up 90,000). Over the past three months, part-time jobs actually fell, with the rise in full-timers more than compensating. There are lots of other interesting trends. Employment in manufacturing is up 14,000 – 0.5 per cent – in the most recent quarter. This is the biggest increase since 1997. Less welcome was a 2,000 drop in finance and insurance jobs over the past year. The number of people in employment aged 65 and over jumped 56,000 on the quarter to reach 900,000, a record. The number of people in employment aged between 50 and 64 also increased to the highest figure on record. Overseas-born people are still proving to be much more adept at finding jobs than the UK-born, who grabbed just 15.7 per cent of new positions. The young and the UK-born are struggling; older, more experienced workers and the overseas-born are doing well. This two-tiered labour market is a huge problem. George Osborne shouldn’t panic or delay his budgetary tightening. But the government desperately needs to do two things: first, improve the incentives for firms to hire staff. Second, work out why it is that employers prefer pensioners to young people. One thing is clear: Britain needs a skills revolution – and fast. [email protected] me on Twitter: @allisterheath Show Comments ▼ Share whatsapp More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comConnecticut man dies after crashing Harley into live bearnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com whatsapp Tags: NULLlast_img read more