Reuters - Video

Edition: US | UK | IN | CN | JP

Finance Videos

Jobs boost for Britain's beleaguered economy

Wednesday, May 16, 2012 - 03:32

May 16 - Chris Grayling, the UK Employment Minister, tells Insider Britain's employment situation is moving in the right direction.

▲ Hide Transcript

View Transcript

Britain's unemployment fell unexpectedly in April plot wages growth remains weak joining me to discuss the numbers -- employment minister Chris -- minister thinks it's -- -- with Reuters today -- -- this historic turnaround in the labor market. -- no place too much storm woman's -- -- clearly it's a step in the right direction it's the second consecutive pole and unemployment. We've seen a drop in the claimant count we've seen a drop in youth unemployment. And a big increase in employment have more than a 100000 that's private sector jobs being creates is a ten -- Foster right and we're losing public sector -- So that's that's good news but this is a woman's figure is and was going through difficult times economically. I'm glad you you raised that and it's just one month because it seems that firms -- -- retaining what is by squeezing pain. Well there's no doubt that there is a huge press show on coastal thing on on high rights in the mountains incumbent is at the moment. That's why I say you can't read too much into a single month sets -- figures. We still have huge challenges we've still got all of the uncertainty in the Euro -- obviously I hope this trend continues we could work extremely hard trying to make sure it does. -- the team clearly this this this will rub up stronger than expected number doesn't time with the UK and recession. What what what one doesn't it's not -- what what what are we missing it. Both said they get him confused picture. What the economy is doing of the lemons in movies and see what the final ominous figure is all for growth in the -- -- But to be Franken in my big concern is jokes -- -- the end of the day we won't see as many people as possible in work spending money -- and other items. And so this is a small step in the right direction which I'm very much hope continues if if recession. Minnesota as the dominant story Tom are due except that these numbers the unemployment numbers could well go up in the next few months. One never to economical costs are listens people telling me unemployment skeptical sometimes when is going down -- sometimes assume is gonna go down what is going up. That all multiple multiple views in the economic world about what's gonna happen. And I delegates and sensible second guess them -- -- -- and there's no doubt of the planned fiscal back contraction is likely to squeeze this labor market. -- -- simply don't receive less employment still in the public's access or we need to do is serious situation where private sector employment continues to grow Foster. The public sector employment is confronting him release -- the moment that's what's happening just sort of finish out by going back to pay growth earnings growth two and a half percent a year ago no point 6% now back. -- must clearly be a warrior and the main focus -- today. Well it plays Israel presses on individuals and of course it has an impact on what they can spend money on it it -- impacts on. How much disposable income they have all of us would like to see a situation -- this country is creating wealth where incomes are rising whoever Christian genuine wealth. And that's why we're focused on the revival of manufacturing. We'll continue investment into Britain. On new technological developments that seems to me to -- the only way -- treatment creates a secure economic future for us and how just -- more how are you getting the youth back into employment. Well we're putting real effort through the -- contracts and to provide incentives to employers to take Colin. Longer term unemployed young people we -- have to bear in mind that for young people who signed -- -- benefits more than half -- benefits within three months. All right Minnesota many thanks for talking with us Chris -- UK employment minister that's -- -- -- climax of truthfulness is --

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Jobs boost for Britain's beleaguered economy

Wednesday, May 16, 2012 - 03:32