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Profits up at taxpayer-owned UKAR

Profits have risen at UK Asset Resolution, the company set up by the Treasury to take on the unwanted mortgage book from Northern Rock and Bradford & Bingley.

ITV News Business Editor Joel Hills is following developments.


South of England has 'most underpaid workers'

The three constituencies with the most workers earning less than the living wage are all in the south of England, according to figures from the TUC.

They are:

  • Kingswood, near Bristol has 48% of constituents working for less than the living wage.
  • London's Chingford and Woodford Green have 43.4% of constituents working for less than a liveable wage.
  • Harrow West had 42.4%.
  • However, other London constituencies had the lowest number of underpaid workers. In Poplar and Limehouse on 5.6% of the population earned less than £8.80 per hour.
  • Runneymede and Weybridge had only 5.8%.

'Almost half' of jobs in some parts pay under living wage

Almost 50% of the jobs on offer in some parts of the UK are paying less than the living wage, according to data from a leading trade union.

Inner London and some parts of Surrey had the lowest number of underpaid workers. Credit: PA

The TUC said a breakdown of official figures showed around 20% of workers were taking home less than the living wage for the area they lived in.

However, in some constituencies this rose to 50%.

The TUC said this amounted to five million people working for less than the living wage, with some of the worst offending areas in parts of outer London.

The living wage comes in at £8.80 per hour in London and £7.65 for the rest of the country.

Osborne declares 'full employment' fight commitment

Chancellor George Osborne has declared his commitment to fight for "full employment" in Britain.

Speaking to workers at Tilbury Port in Essex, he said his "ambition" was for Britain to achieve the highest employment rate of any of the developed nations of the G7.

Lamont 'not uncomfortable' with employment pledge

Former Conservative chancellor Norman Lamont has told ITV News he is "not in any way uncomfortable" with George Osborne's comments that mass unemployment would never be a price worth paying.

Lord Lamont famously said in 1991, "Rising unemployment and the recession have been the price that we've had to pay in order to get inflation down, but that is a price worth paying".


Osborne: Creating public sector jobs 'doesn't work'

The Conservative government won't seek to lower the unemployment rate by creating "artificial" public sector jobs, which ended up destroying employment as public spending spiraled out of control, says George Osborne.

Chancellor of the Exchequer George Osborne chats with a docker. Credit: Chris Radburn/PA Wire

"You end up with more people unemployed instead of less. Then the politicians who make these guarantees get into a panic. So unemployed people are pushed on to sickness benefits to hide the real numbers," he said.

Read more: Osborne: Tory government targets 'full employment'

Osborne: 'Ambition for highest employment rate in G7'

George Osborne has stated that it's his ambition for the UK to have the highest employment rate than any G7 country.

He also stated in his recent speech that the Conservatives are aiming for "full employment" in Britain.

Osborne: UK should aim for highest employment rate

George Osborne stated that it is his commitment to fight for full employment in Britain, during a speech today.

He said:

When Winston Churchill was PM; they set the first commitment to full employment.

(Yet) attempts past and present by governments "guarantee" a job to every person are doomed to fail.

– George Osborne

There is no reason why Britain shouldn't aim to have the highest employment rate of any of the world’s leading economies.

To have more people working than any of the other countries in the G7 group.

That’s my ambition.

– George Osborne

In his speech Osborne said he wants the UK to be the best place in the world to "create, find and keep jobs" as well as improving schools and reforming welfare.

Cutting tax for businesses as well as "building new roads and railways", with an emphasis on becoming a "world leader in science".

That is what I mean when I say that we are going for Full Employment.

– George Osborne

Osborne commits to 'fight for full employment' in UK

George Osborne has stated in a speech that a Conservative government will "work towards full employment" for Britain, which includes cutting taxes for businesses and hard working people.

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