Britain faces half a decade of jobs deficit, CIPD warns

The government’s reliance on private-sector growth to restore the jobs market is risky as even a slight shortfall could lead to a long period of high unemployment, CIPD chief economic adviser John Philpott has warned. The coalition has pinned its hopes for reducing unemployment on projections from the Office for Budget Responsibility (OBR) that show the economy growing steadily between now and 2015. But this growth will have to average 2.5 per cent a year to replace the jobs being lost through public-sector cuts, said Philpott, and anything less will result in further pain.