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Bank's Tucker says recovery not on sure footing - report | Reuters

(Reuters) - The Bank of England's deputy governor Paul Tucker said the economy in Britain and globally was yet to find a "sure footing," a newspaper reported.

In an interview in the Daily Mail on Thursday, he also said that while activity has slowed "the labour market hasn't softened particularly."

"The macro-economy globally, regionally (the euro zone), even domestically isn't on a sure footing as yet," he was quoted as saying.

"The commercial property market in many parts of the world is still a source of risk."

Unemployment in Britain is running at 7.7 percent, and the number of Britons claiming jobless benefits rose for a second month in September.

The Bank of England is having to weigh up whether to pump more money into a sluggish economy or raise rates to counter inflation which remains stubbornly above target.

by In Wales (inwales aaat eurotrib.com) on Thu Oct 14th, 2010 at 12:00:06 PM EST
[ Parent ]
Unemployment in Britain is running at 7.7 percent...

Is this the narrowest possible measure of unemployment, such as U1 in the USA? If so, what would be the broadest measure, corresponding to the US U6?

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Oct 14th, 2010 at 11:57:39 PM EST
[ Parent ]
I think it's closer to U3, but it has the added kink that a lot of people were classed as medically unfit for work so written out of the figures by an earlier tory government.

Current figures are that 29.16 million are in employment, so that gives a total for working age people of 31.95 million the current changes in sickness rules are going to dump an extra half million into the unemployed figures which will push it up to at least 9.86%

Any idiot can face a crisis - it's day to day living that wears you out.

by ceebs (ceebs (at) eurotrib (dot) com) on Fri Oct 15th, 2010 at 09:21:00 AM EST
[ Parent ]
The policy was due to an earlier tory government, but a lot of the people were actually classified as unfit by a more recent non-tory one. Once the policy was put into effect, some of the people themselves  figured out what was going on, and took advantage of it, increasing the numbers (I know a doctor who served on one of the committees that deal with this, and he has lots of horror stories from there. Of course he blames it on Labour, not being aware of how it started).
by gk (gk) on Fri Oct 15th, 2010 at 09:26:48 AM EST
[ Parent ]
See this diary and this one.
by afew (afew(a in a circle)eurotrib_dot_com) on Fri Oct 15th, 2010 at 11:21:39 AM EST
[ Parent ]

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