Unemployment figures show Chancellor's complacency is worrying - Cable

5.15.50pm BST (GMT +0100) Thu 18th Aug 2005

Commenting on unemployment figures released today by the ONS that show that the claimant count has risen for the sixth month in succession, Liberal Democrat Shadow Chancellor, Vincent Cable MP said:

"There is now a general acceptance that the labour market is losing momentum and the trend in the claimant count in recent months confirms that. The stagnant labour market is also keeping wages down as seen by lowest rate of growth in earnings since June 2003.

"These figures are deeply worrying with higher unemployment likely to have knock-on effects on consumer spending and the fragile housing market. It is likely more and more people will be getting into arrears on mortgage payments.

"The UK economy may still be growing but the Chancellor's complacency is starting to become worrying."