Blog: October 2018
In an article for the National Institute Economic Review published today I reviewed the main trends in the UK labour market over the last 50 years. Ten important facts emerge:
In mid-October, the Italian M5S-Lega coalition government submitted its 2019 draft budgetary plan to the European Commission, which subsequently rejected it on 23 October in what is called in Brussels’ jargon an opinion. The rejection of the Italian draft budget by the Commission, on the grounds that it would increase the budget deficit too much, was unprecedented.
Next Monday (29th October), the Chancellor of the Exchequer will present his budget to the House of Commons. He is expected to present spending plans for the coming five years, based on the Office for Budgetary Responsibility (OBR)’s forecasts for GDP growth. As with any projection, these forecasts are inherently uncertain, particularly as a result of substantial lags from preliminary measures of economic activity to the final estimate. For instance, since 1993, there has been only one occasion when GDP figures were not revised a quarter after the first release. Considerable uncertainty also exists as to the exact state and prospects for the UK economy.
What factors drive people’s negative views of immigration? Some have argued that anti-immigrant sentiments are driven by cultural concerns about the impact on our national identity and our traditional ‘way of life’ which is perceived to be threatened by the influx of foreigners with different cultural values and customs. Others focus on how attitudes are driven by economic concerns such as the perceived negative impact on jobs, wages and public services.