IoD reaction to unemployment figures

23 January 2013

Commenting on this morning’s labour market statistics, showing that unemployment fell by 37,000 between September and November 2012, Graeme Leach, Chief Economist at the Institute of Directors, said:

“The rise in employment to its highest level since records began is obviously very good news, but it also begs the question as to how many more jobs the private sector could create if it was freed from onerous employment law? If we want to see faster GDP growth in the UK the Government has to become more aggressive, with radical labour market reforms. Of course, much of the regulatory burden stems from the EU, and will be at the centre of any future renegotiation in our membership.

“Total employment income is helped by the growth in employment, but it is also constrained by the very weak growth in earnings at 1.4%. So don’t expect this trend to be reflected in Friday’s GDP figures.”


Contacts for further comments or to arrange interviews:

Mark Wallace
Head of Media Relations
Institute of Directors, 116 Pall Mall, London SW1Y 5ED
+44 (0)20 7451 3263
+44 (0)7764 883 417  

Edwin Morgan
Media Relations Manager
Institute of Directors, 116 Pall Mall, London SW1Y 5ED
+44 (0)20 7451 3392
+44 (0)7814 386 243

Notes to editors

  • The Institute of Directors (IoD) was founded in 1903 and obtained a Royal Charter in 1906. The IoD is a non-party political organisation with approximately 38,000 members in the United Kingdom and overseas. Membership includes directors from right across the business spectrum – from media to manufacturing, e-business to the public and voluntary sectors. Members include CEOs of large corporations as well as entrepreneurial directors of start-up companies.
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