UK job creation “higher than expected”, claims Chancellor
“The British economy is healing” was the phrase used by chancellor George Osborne in his Autumn statement yesterday as he highlighted higher than predicted job creation figures.
Cited by peoplemanagement.co.uk, the Chancellor believes that 1.2 million jobs have been created in the private sector since May 2010, which is 600,000 more than previously forecast by the Office for Budget Responsibility (OBR).
In addition, OBR has also gone back on its original unemployment figures, revising a peak figure of 8.7 per cent to 8.3 per cent.
Consequently, private sector vacancies across Britain, such as jobs in London, Manchester, Birmingham and many other cities, appear to be on the rise.
Osborne stated, cited by telegraph.co.uk: “Employment, already at a record high, is set to go on rising each year of the forecast. For every one job less in the public sector, two new jobs are expected to be created in the private sector.
“And Britain now has a greater proportion of its people in work than either the Eurozone or the United States. More jobs means that the impact of the weaker than forecast GDP on the public finances has been less than some might have expected.”
Another positive point in the Chancellor’s statement was the announcement of a £5 billion investment for UK infrastructure projects such as upgrading the M25 and rail network.