Chancellor George Osborne has announced public sector pay rises are to be capped at 1% for two years, in his update on the state of the economy. Public sector employment is also forecast to fall by around 710,000 up to 2016 - up from forecasts of 400,000.
Outlining his plans to MPs, based on economic forecasts from the independent Office for Budget Responsibility (OBR), Mr Osborne told MPs the UK
Gareth Osborne said: “The Government seems to be doing what it can to achieve its strategy for recovery but I suspect the problem is like bailing out a holed lifeboat. With effort and luck it will keep floating but the situation is extremely desperate and we shouldn’t under estimate the time it will take and impact it will have. A whole generation is condemned to no work, no money and little comfort. We should all reflect on how we got into this bank-fuelled mess.”
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APA
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