The latest data from the labour force survey conducted by the British Office of National Statistics reveals that the unemployment rate for the three months ending November, 2010 has risen from 7.7 % to 7.9 %. This substantial rise in unemployment brings the total number of workers unemployed to 2.5 million. Youth unemployment also rose to about 1 million workers between the ages of 16 to 24 . The rate of unemployment for this group is now a record 20.3 %. Conditions are very likely to worsen over the coming months as the coalition government implements its ill conceived austerity plans. Unemployment rose even in areas that used to be well known for their lower unemployment rate like London. Its unemployment rate rose to 9.2 %.
Jan.23,2010
The Labour party front bench has changed its shadow cabinet . Ed Balls who has a good appreciation of a more Keynesian approach to economic policy and how best to promote both lower deficits and fuller employment has taken over from the former shadow Chancellor, Alan Johnson, who has stepped down for personal reasons. During the race for the leadership, Balls did a good job of presenting the more Keynesian position, his position having progressed somewhat from what he had backed during the more conservative days of the Brown chancellorship, and he should be an excellent critic of the Osborne fiscal conservative ,austerity come hell or high water , position that the Cameron Clegg government has been pushing. His voice and that of his wife Yvette Cooper on these key issues will be welcome additions to the debate.
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