It would potentially rule out longer-term membership of the European single market, or any future return to full EU membership. Do EU state aid laws prevent a future Labour government from introducing necessary radical reform of the British economy? We find that the effect would likely be negligible. Developments in EU state aid law in the last few years have made it much clearer what national governments can do in terms of subsidizing domestic economic restructuring.
Employment grew by nearlylast year. The number of people working has risen slightly to a record level. Regular pay growth has edged down a fraction. The unemployment rate is holding steady at 5.
There are two reasons for this. The first is that was a year in which employment grew by almost , and a pause for breath was always in prospect after such a rapid increase.
Progress towards full employment will inevitably be slower from this point. Secondly, the economy has lost a bit of momentum over the winter. The latest labour market data from the Office for National Statistics covers the period from January to Marchso the impact of speculation about Britain leaving the EU, which became particularly relevant in late February, is unlikely to have been a big factor.
However, the possibility of a leave vote will keep the labour market in a holding pattern for the second quarter. Research from RBS, which goes back further than official figures, suggests that the only time the employment rate has been higher is when the economy was operating flat out during the second world war.
But wage growth is running a long way behind jobs growth. In the three months to March, regular pay was up 2. This represented a slower annual rate of increase than that recorded in the early months of last year.
The higher minimum wagewhich came into force in April, will push up average earnings for those on the lowest incomes. He is proposing that the Department for Work and Pensions should set up pilot projects bringing together Jobcentre Plus district managers, local authorities and local enterprise partnerships.
They would be given a pot of City Deals funding tied to a specific target of boosting real earnings among people who have been helped into work, but are stuck on low pay. It is an interesting idea and one worth considering, because whatever the result of the EU referendum on 23 June, the key issue for the UK economy will be how to turn rising employment into rising productivity and rising real wages.plombier-nemours.com enables users to search for and extract data from across OECD’s many databases.
Call for Papers and other details for the Annual Conference of the Chinese Economic Association (UK) and CEA(Europe).
2. Summary of latest labour market statistics. Table 1, Figure 1a and Figure 1b show the latest estimates, for April to June , for employment, unemployment and economic inactivity and show how these estimates compare with the previous quarter (January .
Migration Advisory Committee interim update on EEA workers in the UK labour market summarising the responses from employers to a call for evidence.
2. Summary of latest labour market statistics. Table 1, Figure 1a and Figure 1b show the latest estimates, for March to May , for employment, unemployment and economic inactivity and show how these estimates compare with the previous quarter (December to February ) and the previous year (March to May ).
The Labour Market Report will be of interest to policy makers, public bodies, the business community, banks, economic commentators, academics and the general public with an interest in the local economy.