Has UK Labour Market Performance Changed

摘要: In this speech, Professor Stephen Nickell, asks at why wage inflation has remained stable despite the fact that unemployment is its lowest level for a generation. The answer of consistent with (the NAIRU) fallen substantially since 1980s. Nickell argues main factors underlying fall in NAIRU over past 20 years have been decline role trade unions and tightening benefits system. small taxes, changes product market competition introduction National Minimum Wage not played an important role. also looks activity rates same period. proportion inactive men risen by around 10 percentage points, concentrated on unskilled those living high-unemployment regions, offset almost equivalent increase among women. concludes to economy as more women are working or less cancelled out, least numerical terms, steady withdrawal from labour force.