John Oxley: If you make work more expensive, you get less of it
John Oxley discusses the rising unemployment in Britain, which has surpassed 5 percent since Labour came to power. He attributes this increase to both external factors, such as the closure of the Straits of Hormuz, and government policies that have indirectly raised employment costs. The impact is particularly severe on younger workers and low-paid jobs, leading to fewer job opportunities and stagnant wages.
- ▪Unemployment in Britain has climbed back above 5 percent since Labour took power.
- ▪Government policies, including a rise in National Insurance, have increased employment costs for businesses.
- ▪Youth unemployment has reached its highest level since 2014, particularly affecting younger workers in less productive roles.
Opening excerpt (first ~120 words) tap to expand
John Oxley is a consultant, writer, and broadcaster. His SubStack is Joxley Writes. While speculation rages about the future of Sir Keir Starmer’s job, for many people in Britain, the worst has already happened. ONS data published this week showed unemployment was back up, topping 5 per cent again. The number has climbed steadily since Labour came to power, and now all indicators, from payroll to vacancies to real wages, point towards a soft jobs market. Some of this is beyond the government’s control. The closure of the Straits of Hormuz threatens a supply shock, and businesses are naturally bracing for it. Energy costs are rising, broader inflation is set to surge, and households are cutting back accordingly. It is not a time of economic optimism.
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