Last month saw the Coalition Government notch up its first year in office. Chancellor George Osborne's package of economic austerity measures (which we might term 'Osbornomics') is well underway, and is likely to have implications for most if not all UK employers.
Osborne is unswerving in his commitment to economic austerity measures. He has repeatedly stated that there neither is nor will be any 'plan B'.
But how is 'plan A' working out?
Although a double-dip recession has been avoided, economic growth remains flat: GDP grew by 0.5 percentage points during the first quarter of 2011, according to latest revised data from ONS. This is unchanged from the initial estimate, published in April 2011.
Recent months have seen increasing calls for a slowdown in or reversal of austerity measures, some from previously staunch supporters. But these calls are unlikely to be heeded.
The June 2011 XpertHR economic commentary considers the impact of 'Osbornomics' one year in, and investigates why Osborne is resolute in sticking to 'plan A.'
Osborne is unswerving in his commitment to economic austerity measures. He has repeatedly stated that there neither is nor will be any 'plan B'.
But how is 'plan A' working out?
Although a double-dip recession has been avoided, economic growth remains flat: GDP grew by 0.5 percentage points during the first quarter of 2011, according to latest revised data from ONS. This is unchanged from the initial estimate, published in April 2011.
Recent months have seen increasing calls for a slowdown in or reversal of austerity measures, some from previously staunch supporters. But these calls are unlikely to be heeded.
The June 2011 XpertHR economic commentary considers the impact of 'Osbornomics' one year in, and investigates why Osborne is resolute in sticking to 'plan A.'
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