Bank of England’s David Blanchflower has conceded that talk of the economy recovering sharply at the end of this year is pretty much pie in the sky, despite the bright predictions made a month ago.
Blanchflower warned of further increases in unemployment, while speaking at a parliamentary meeting today and urged the government to take action immediately by investing in the labour market.
“Job creation needs investment in infrastructure with particular emphasis on shovel-ready projects that can be started quickly,” he said.
There really is nothing like stating the obvious is there. Months of pegging hopes on interest rate cuts and doing little else have left the UK floundering when surely an ‘investment in infrastructure’ and job creation in the UK would at least slow down the worrying trend of mass unemployment.
Blanchflower urged the government to to do something now, before the next batch of school leavers hit the market place in June. “It’s no good waiting for nine months” he warned “We are going to see it in June.”
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