Thursday, February 20, 2014

Inflation and unemployment down

Still much to do, but further good news on the economy this week with both inflation and unemployment down.

The office for National Statistics has confirmed that UK unemployment has fallen by 125,000 to 2.34 million in the quarter to December 2013 and now stands at 7.2%, while the rate of inflation as measured by CPI has fallen to 1.9%, hitting the Bank of England's 2% target for the first time in four years.

Because the unemployment rate fluctuates from month to month, the unemployment figures are usually calculated on the basis of a three month average. The fall of 125,000 is the drop between the average during the three months to September and that during the three months to December.

More women are in work - just over 14 million - than at any time since records began, the total number in work rose by 193,000 between September and December, and the number of people claiming unemployment benefit dropped for the fifteenth consecutive month.

Youth and long-term unemployment have also fallen.

Most people have been having a difficult time, and for many the improvement in the economy has not yet fed through into real incomes, although that will come if the economy continues to improve - the notoriously pessimistic BBC quotes "most economists" as suggesting it will start to happen for many more people in the second half of this year.

We have a long way to go before the economy is out of trouble - I  for one will not be happy until we have actually started to pay back the gigantic mountain of debt which has been accumulating since Gordon Brown lost control of the nation's finances.

Nevertheless with the deficit down, unemployment down, inflation down, and growth up it is clear to any open minded and intelligent person that the government's long term economic plan is working and we are getting closer to the point when Britain's economy is out of danger.

The biggest danger at the moment would be if, God forbid, the British electorate were foolish enough to hand the car keys back to the people who crashed the car before by electing Brown's acolytes Ed Miliband and Ed Balls to run the economy in next year's General Election. I hope, pray, and expect that the people of Britain will have more sense than to do that.

1 comment:

Jim said...

I dont think labour will win the next election, they may well get in by default due to low turn out.

I just cant imagine that people would actually go out and elect the labour party, following the last term, but, and as always there is a but, there is little if any reason to vote conservative either, Lib dem are pretty much dead. UKIP is just a one man band without a credible plan. Green well thats the only way to go worse than labour.

There is no reason compelling me to vote conservative rather than abstain. DC promising a referendum, but its one that cant happen as stated.

I guess i just cant see a reason compelling me to vote. I dont want this system, I have had enough. Being the best of a very very very bad bunch is not going to cut the ice.

Its often said, form your own party and stand, but that like i have said before, is only playing to a broken system.

Perhaps that is not what your good self or your party want to hear, but it is certainly what you need to. That is where i am right now, i guess i just put the cards on the table.