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Failure to cut interest rates will take money out of the system, hitting businesses such as hospitality
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Phillip Inman looks at the latest labour market data and suggests that whereas unemployment is likely to rise in the months ahead, it seems as though we've moved into a new labour market paradigm when the degree to which unemployment fluctuates in line with the business cycle is much less marked.
Unemployment is now 4.3% and may reach 5%, as a result of falling spending, but it's a world away from the double digit unemployment of the 1980s and suggests that UK labour markets have become more flexible as a result of supply-side reforms.