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The government needs to urgently address Thursday figures from the Office for National Statistics (ONS).
ONS figures shows that the unemployment rate has risen to 4.7 per cent, the number of people on payroll has dropped and wage growth has slowed.
the figures are disturbing which is clearly demonstrating there is a lot of evidence that if you make it more expensive and riskier to give someone a job, the result is that there will be less jobs and higher unemployment.
People are already locked out of opportunities and the benefits bill will start to soar; businesses will stagnate further leading to more administrations.
The government is being warned that their tax policies could “destroy private sector jobs” and are on track “scale of joblessness not seen for many years.”
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Rachel’s Autumn Budget has led to an ‘increase in joblessness which was almost inevitable’
Professor Len Shackleton, Editorial Fellow at the Institute of Economic Affairs said, this is “disturbing” that the labour market data along “with falling payroll employment and vacancies coupled with rising unemployment.”
This “show the impact of the national insurance hike and employers’ anticipation of the costly effects of the Employment Rights Bill.”
He added, “Government cannot really create jobs, except for those directly taxpayer-funded – of which we have far too many in quangos, regulators and much of the civil service.
“But it can certainly destroy private sector jobs by making it more and more difficult to employ people cost-effectively.
It is not too late for the government to recognise this and row back from some of the policies which are causing the labour market downturn before we face joblessness on a scale which we haven’t seen for many years. But governments are notoriously slow learners.”
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