§ 33. Sir Sydney ChapmanTo ask the Secretary of State for Work and Pensions what his estimate is of the effect on employment in the UK of the state of the world and UK economies. [3608]
§ Mr. Nicholas BrownUK GDP continues to grow steadily, bolstered by strong domestic demand, in spite of recent weakness in the world economy. Employment is at record levels and rising, while unemployment is at its lowest for around 25 years.
Although no country can insulate itself from world events, prudent monetary and fiscal policies, with inflation low and borrowing under control, mean that the economy is better placed than in the past to withstand global shocks.
While we do not make forecasts of employment and unemployment, an assessment will be made of economic and labour market developments, incorporating both UK and international economic developments, in the Treasury autumn pre-Budget report.