Pay and jobs pain as growth slows: UK
Chancellor George Osborne has said public sector pay rises will be capped at 1% for two years, as he lowered growth forecasts for the UK economy.
The number of public sector jobs set to be lost by 2017 has also been revised up from 400,000 to 710,000.
Borrowing and unemployment are set to be higher than forecast and spending cuts to carry on to 2017, he admitted.
For Labour, Ed Balls said the figures showed the chancellor’s economic and fiscal plans were “in tatters”.
Outlining his plans to MPs, based on economic forecasts from the independent Office for Budget Responsibility (OBR), Mr Osborne told MPs the UK economy was now forecast to grow by 0.9% this year – compared with 1.7% forecast in March and 0.7% next year, down from the 2.5%.
He said the eurozone crisis, a hike in global commodity prices and a new assessment that the UK’s economic boom was bigger and the bust deeper than previously believed was to blame. For more visit: BBC.com
Similar Posts:
Latest Query
- by Sam
Market Stats
Search Our Archives
Research Desk
- Stocks Trading above their 50 day moving average - DMA In Stock Research
- Download free Ebooks based on Technical Analysis In Personal Training
- TOP 100 Stocks with the Highest P/E as on July 14th, 2013 In Stock Research
- TOP 100 Stocks with the Lowest P/E as on July 14th, 2013 In Stock Research
- Charting Pathsala - Your guide to Techincals In Technical Analysis
