Cautiously promising economic news, especially for non-UK nationals

Unemployment fell again last month– done by 65,000, falling for the third month in a row and confirming the picture that as economic downturns go, this one has  seen unemployment levels rather lower than previous experience would have suggested. Job creation continues with the number of jobs up 357,000 over the quarter and up 544,000 on a year earlier.

The major difference between UK and non-UK nationals is worth remembering though:

Unemployment graph from the ONS


The government says it will underwrite £50bn of investment in infrastructure and exports to try to lift the economy…

Under the “UK Guarantees” scheme, up to £40bn of funding will be underwritten for infrastructure projects that have been put on hold following difficulties in raising money from private investors.

The government will charge for finance for the projects, which could be in a range of sectors, including transport, energy, communications, and education.

Those seeking the money will have to to meet criteria including being able to begin work within 12 months.

They will also have to prove the project will have a positive impact on economic growth, as well as provide good value for taxpayers.

Chief Secretary to the Treasury, Danny Alexander, sought to reassure people that the scheme would not be a drain on the public purse: “This is not a direct call on the taxpayer. That would only happen if something went wrong with a project.”

That last comment raises an important point:

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