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Training will fill jobs gap better than public sector cash – George Osborne Training will fill jobs gap better than public sector cash – George Osborne
(about 7 hours later)
The UK's recovery will improve the living standards of all workers and generate well paid jobs to replace those that technology makes obsolete, George Osborne told an audience of free-market campaigners in Washington on Friday. The UK's recovery will improve the living standards of all workers and generate well-paid jobs to replace those that technology makes obsolete, George Osborne told an audience of free-market campaigners in Washington on Friday.
The chancellor said rather than pump-priming the economy with public sector cash it was the government's job to promote exciting new ways to educate children to fill skills gaps. The chancellor said rather than pump-priming the economy with public-sector cash, it was the government's job to promote exciting new ways to educate children to fill skills gaps.
In a speech that will heap pressure on opposition ministers to demonstrate how they plan to cope with problems posed by shifts in the labour market as technology makes ever more skilled jobs obsolete, Osborne said he backed Michael Gove's adoption of education policies championed by Jeb Bush in Florida, such as paying teachers by results.In a speech that will heap pressure on opposition ministers to demonstrate how they plan to cope with problems posed by shifts in the labour market as technology makes ever more skilled jobs obsolete, Osborne said he backed Michael Gove's adoption of education policies championed by Jeb Bush in Florida, such as paying teachers by results.
Osborne rejected concerns that white collar jobs are dying out at a faster rate than new businesses can create them, arguing that investment in technology and science would generate work in industries that have yet to emerge. Osborne rejected concerns that white-collar jobs are dying out at a faster rate than new businesses can create them, arguing that investment in technology and science would generate work in industries that have yet to emerge.
"Just as improvements in lens technology and better microscopes led to huge leaps in germ theory and medicine, today we cannot even imagine the advances in all areas of science – from genetics to materials -that high-powered computing will make possible in the years ahead," he said. "Just as improvements in lens technology and better microscopes led to huge leaps in germ theory and medicine, today we cannot even imagine the advances in all areas of science – from genetics to materials – that high-powered computing will make possible in the years ahead," he said.
His optimistic speech to the American Enterprise Institute contrasts with concerns that the UK, which is one of the most open economies in the developed world, will continue to be buffeted by the aftershocks of the financial crisis.His optimistic speech to the American Enterprise Institute contrasts with concerns that the UK, which is one of the most open economies in the developed world, will continue to be buffeted by the aftershocks of the financial crisis.
In the next year the US Federal Reserve is expected to begin tightening monetary policy and even raise interest rates while the European Central Bank moves in the opposite direction by making credit cheaper. In the next year, the US Federal Reserve is expected to begin tightening monetary policy and even raise interest rates while the European Central Bank moves in the opposite direction, making credit cheaper.
The potential for China to suffer a property bust could also send shockwaves across financial markets while Japan's reflation of its economy with central bank funds has already suffered setbacks. The potential for China to suffer a property bust could also send shockwaves across financial markets, while Japan's reflation of its economy with central bank funds has already suffered setbacks.
Osborne is aware that economic growth could be hit by volatile markets and the worsening situation in Ukraine, but is convinced the UK is more resilient than in 2008 and can avoid a downturn. Osborne is aware that economic growth could be hit by volatile markets and the worsening situation in Ukraine, but is convinced that the UK is more resilient than in 2008 and can avoid a downturn.
After fierce criticism in the US, Britain has aligned itself with Washington against some European countries that want to take a softer line with Russia. Using more robust language than foreign secretary William Hague last week, he said the UK should be prepared to suffer retaliation from Russia to prevent a breach of international law.After fierce criticism in the US, Britain has aligned itself with Washington against some European countries that want to take a softer line with Russia. Using more robust language than foreign secretary William Hague last week, he said the UK should be prepared to suffer retaliation from Russia to prevent a breach of international law.
Labour said Osborne's speech amounted to little more than hollow rhetoric after four years in which living standards have fallen and the economy remains dependent on a house price boom and consumer spending fuelled by easy credit.Labour said Osborne's speech amounted to little more than hollow rhetoric after four years in which living standards have fallen and the economy remains dependent on a house price boom and consumer spending fuelled by easy credit.
Chris Leslie, shadow chief secretary to the Treasury, said figures showing construction output fell last month and infrastructure output is down 10.7% since the last election show the recovery remains fragile. Chris Leslie, shadow chief secretary to the Treasury, said figures showing that construction output fell last month and infrastructure output is down 10.7% since the last election show that the recovery remains fragile.
"We also know working people are on average £1,600 a year worse off since the last election," he said."We also know working people are on average £1,600 a year worse off since the last election," he said.
Osborne is acutely aware that living standards are unlikely to rise strongly before the next election and will still be well below levels seen in 2008. In comments from his speech given to reporters ahead of its delivery he attempted to demolish claims that a further five years of austerity will restrict growth and hurt workers' living standards. Osborne is acutely aware that living standards are unlikely to rise strongly before the next election and will still be well below 2008 levels. In comments from his speech given to reporters ahead of its delivery, he attempted to demolish claims that a further five years of austerity would restrict growth and hurt workers' living standards.
Aligning himself with moderate Republican thinking, which allies loose monetary policy with a tight rein on public sector spending, he said low interest rates and a strengthened banking sector could secure a bright future for the UK.Aligning himself with moderate Republican thinking, which allies loose monetary policy with a tight rein on public sector spending, he said low interest rates and a strengthened banking sector could secure a bright future for the UK.
He said the poorest could escape poverty through a network of free schools and academies that were more tightly focused on improving skills and exam results.Addressing criticism from Keynesian economists that workers face years of low wages and insecure jobs, he said: "Conservatives understand that there is a positive role for government in the economy. It was a Republican president who built the interstate network here in the US, and I am a strong supporter of a new North-South high speed rail line in the UK.He said the poorest could escape poverty through a network of free schools and academies that were more tightly focused on improving skills and exam results.Addressing criticism from Keynesian economists that workers face years of low wages and insecure jobs, he said: "Conservatives understand that there is a positive role for government in the economy. It was a Republican president who built the interstate network here in the US, and I am a strong supporter of a new North-South high speed rail line in the UK.
The challenge of competing in the world economy is why we have protected science spending even while other budgets have been cut.The challenge of competing in the world economy is why we have protected science spending even while other budgets have been cut.