Nickell on poverty and worklessness in Britain

In a speech on 'Poverty and Worklessness in Britain' Stephen Nickell of the Bank of England said the economic forces underlying the increase in poverty in the UK are the significant shift in demand against the unskilled which has outpaced the shift in relative supply in the same direction. This has substantially weakened the lowskill labour market which has increased both pay dispersion and worklessness, particularly among low-skilled men.

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