The economic news from London is a bit encouraging as the Office for National Statistics announced that 13,700 fewer jobless-benefit claims were made in March, representing the largest reduction in claims in one month since July 2010.
It is expected that the improved figures will help to boost the popularity of Prime Minister David Cameron at a time when his approval ratings are at a record low. In the first quarter of 2012 overall employment went up by 105,000, the most ever for one year. Pessimists are warning however that as the euro-region economic crisis continues unemployment will most likely rise. It is expected that the Bank of England will cut its own growth forecasts today.
“The figures could get worse,” said Vicky Redwood, an economist at Capital Economics Ltd. in London. “The return to recession will knock business confidence and prompt job cuts. While private sector employment is rising at the moment, overall the picture looks weak.”
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