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.”

ENDS

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
mark.wallace@iod.com  

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

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.
  • The IoD provides an effective voice to represent the interests of its members to key opinion-formers at the highest levels. These include Government ministers and their shadows, parliamentary committee members, senior civil servants and think-tanks. IoD policies and views are actively promoted to the national, regional and trade media. Follow us on Twitter to get the IoD’s reaction on business and public policy issues.
  • The IoD offers a wide range of business services which include business centre facilities, with ten UK centres (three in London, one each in Reading, Birmingham, Cardiff, Manchester, Nottingham, Norwich, Edinburgh, Glasgow and Belfast) and one in Paris, conferences, networking events, virtual offices, issues-led guides and literature, as well as free access to business information and advisory services. The IoD places great emphasis on director development and has established a certified qualification for directors – Chartered Director – as well as running specific board and director-level training and individual career mentoring programmes.



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