The
head of the TUC has warned that jobs could be at risk unless the Bank of
England cuts interest rates.
Commenting
on unemployment figures released yesterday,
TUC general secretary John Monks said:
"While
the unemployment figures show that the labour market is flat, there are clear
signs that things could easily deteriorate in the coming months unless the Bank
of England cuts rates," he said.
He
said that manufacturing had shed more than 150,000 jobs over the past year and
the sector’s failure to recover meant more redundancies were on the cards.
He
went on to say that the latest employment trends suggested that jobs growth in
the service sector fell away in the
summer months.
The
statistics, issued by the Office for National Statistics yesterday, showed the
number people claiming unemployment benefits dropped by 200 to 946,000 – just
3.1 per cent of the workforce.
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