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New Jobs Dilemma

Written By On 27/12/2013

A leading economist and labour market analyst is estimating that Britain's unemployed total figure will fall by a further ninety thousand by the autumn of next year.

In essence that will mean that approximately 2.3 million will remain without jobs, but probably more importantly, the unemployment rate will hit the BOE's seven per cent guideline for a possible interest rate increase.

Governor Mark Carney altered the way interest rate news was to be announced when he took over from previous governor Mervyn King a few months ago. He decided to try and give the country's individuals and businesses more notice so people were able to make informed planning decisions.

Mr Carney linked the jobless rate data to the historically low half a per cent rising, but did not anticipate unemployment to decrease quite as quickly as it has since then. Consequently, a large chunk of the UK's population is now keeping a very close eye on unemployment.

Economic consultant John Philpott said:

This time last year we correctly forecast that 2013 would be a year of hard slog for UK workers, with longer hours for no extra real reward. For the majority of workers, 2014 is unlikely to feel much better.

Mr Philpott predicts earnings to increase marginally above the CPI's estimated 2.2 per cent plus greater job availability.

He believes that employees will still struggle with their wages so might well choose to look elsewhere for improved pay conditions.

He feels that would have a snowball effect for employers needing to fight in order to prevent their more valued staff from leading. That in turn would cause them to offer better incentives involving less profits for themselves.

Therefore he added:

For the first time since the start of the recession, employers will find it hard to both compete for talent and keep the majority of workers content with their lot.