Private sector red tape ‘needs to be cut’
The government needs to boost its efforts to cut the amount of red tape holding back the nation's firms, according to the British Chambers of Commerce (BCC).Commenting on the unemployment figures for November, published by the Office for National Statistics, David Kern, chief economist at the BCC, said the worsening of the UK labour market is not as bad as many feared, given the worrying economic news at home and developments in the eurozone.
However, he noted that the public sector accounts for more than the entire decline in employment, while the private sector has created 5,000 new jobs, and if job losses in the public sector are likely to continue, "every effort" must be made to help the private sector create more jobs.
He explained that cutting red tape and making it easier for people to acquire the right skills for the work place are vital, but this is not enough.
"The Monetary Policy Committee must persevere with an aggressive quantitative easing programme and the government must act quickly to implement the credit easing measures announced in the Autumn Statement," he added.
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Posted by John Oak and Wayne Bly
