Menu
29/11/2010
UK To Lose Less Public Sector Jobs
The independent Office for Budget Responsibility (OBR) has announced that fewer public sector jobs will be lost than first expected.
Over the next four years, the OBR now expects around 330,000 public sector workers to lose their jobs, a huge jump from the June report which originally forecast 490,000 job losses.
However, the estimate for economic growth this year has been raised, from 1.2% to 1.8%, while growth estimates have lowered for the next two years.
The body also added that economic performance next year will experience growth of 2.1% - down from its previous 2.3% forecast; and 2.6% in 2012, down from the 2.8% previously recorded.
Further predictions forecast that, after a peak of just over 8% unemployment in 2011, the rate would fall steadily to just over 6% by 2015. With this in mind, the OBR expects the creation of one million private sector jobs.
These developments precede the government's annual Autumn budget statement, which will be delivered this afternoon by George Osborne.
The OBR said the plan to cut the deficit would lead to "sluggish growth" in the medium term, and would include an increase in VAT from the current 17.5% to 20% and the £81bn of planned spending cuts.
A statement from the body said: "The economy will continue to recover from recession, but at a slower pace than in the recoveries of the 1970s, 1980s and 1990s."
Mr Osborne has already announced the next Budget will be on 23 March 2011.
(BMcN)
Over the next four years, the OBR now expects around 330,000 public sector workers to lose their jobs, a huge jump from the June report which originally forecast 490,000 job losses.
However, the estimate for economic growth this year has been raised, from 1.2% to 1.8%, while growth estimates have lowered for the next two years.
The body also added that economic performance next year will experience growth of 2.1% - down from its previous 2.3% forecast; and 2.6% in 2012, down from the 2.8% previously recorded.
Further predictions forecast that, after a peak of just over 8% unemployment in 2011, the rate would fall steadily to just over 6% by 2015. With this in mind, the OBR expects the creation of one million private sector jobs.
These developments precede the government's annual Autumn budget statement, which will be delivered this afternoon by George Osborne.
The OBR said the plan to cut the deficit would lead to "sluggish growth" in the medium term, and would include an increase in VAT from the current 17.5% to 20% and the £81bn of planned spending cuts.
A statement from the body said: "The economy will continue to recover from recession, but at a slower pace than in the recoveries of the 1970s, 1980s and 1990s."
Mr Osborne has already announced the next Budget will be on 23 March 2011.
(BMcN)
Related UK National News Stories
Click here for the latest headlines.
06 December 2011
£1bn Regional Growth Boost Announced
The UK's £1 billion boost to the Regional Growth Fund announced in the Chancellor’s Autumn Statement last week is expected to enable the fund to support around half a million jobs in total. Deputy Prime Minister Nick Clegg will visit the North West today where he will set out further details on the boost to fund, which will now be £2.
£1bn Regional Growth Boost Announced
The UK's £1 billion boost to the Regional Growth Fund announced in the Chancellor’s Autumn Statement last week is expected to enable the fund to support around half a million jobs in total. Deputy Prime Minister Nick Clegg will visit the North West today where he will set out further details on the boost to fund, which will now be £2.
24 May 2004
'Sickies' rise for first time in five years
Workplace absenteeism has increased for the first time in five years, adding an extra 10 million sick days that cost UK businesses £11.6 billion last year.
'Sickies' rise for first time in five years
Workplace absenteeism has increased for the first time in five years, adding an extra 10 million sick days that cost UK businesses £11.6 billion last year.
14 June 2010
UK Growth Forecast Cut
The new fiscal watchdog has downgraded the UK's economic growth predictions. The Office for Budget Responsibility (OBR) has forecast that the economy will expand 2.6% in 2011, down from the 3% to 3.5% estimated in Labour's March Budget.
UK Growth Forecast Cut
The new fiscal watchdog has downgraded the UK's economic growth predictions. The Office for Budget Responsibility (OBR) has forecast that the economy will expand 2.6% in 2011, down from the 3% to 3.5% estimated in Labour's March Budget.
09 February 2004
'Further and faster economic reform' needed from EU, says Chancellor
The Treasury has called for "further and faster economic reform" to promote growth, jobs and prosperity in Europe, according to a department report published today.
'Further and faster economic reform' needed from EU, says Chancellor
The Treasury has called for "further and faster economic reform" to promote growth, jobs and prosperity in Europe, according to a department report published today.
20 October 2010
UK Spending Review Hits Hard
While one of the guiding principles of today's UK Spending Review was said to have been "fairness", under the terms of the new Government review, some of the poorest people across Britain could end up being hit the hardest. Chancellor George Osborne has said: "We are all in this together and all must make a contribution.
UK Spending Review Hits Hard
While one of the guiding principles of today's UK Spending Review was said to have been "fairness", under the terms of the new Government review, some of the poorest people across Britain could end up being hit the hardest. Chancellor George Osborne has said: "We are all in this together and all must make a contribution.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
