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Lord Swraj Paul: UK needs to invest in workforce

Countries across the globe, including India, are making efforts to ensure that their companies are equipped with skilled workers and Britain must follow suit to succeed after the Brexit, leading industrialist Lord Swraj Paul has said.

Paul, the founder of Caparo Group of industries, said the world was becoming more competitive and Britain must continue to invest in its workforce if it is to succeed.


He said governments everywhere were playing a key role in ensuring that companies are equipped with skilled workers.

"It is noteworthy that many developing countries such as India are also working very hard and successfully in this area," said Paul, who is also the Chancellor of the University of Wolverhampton.

He said the university had taken positive and progressive steps to help match need and demand of industries.

Britain voted by 52 per cent in favour of leaving the European Union in a referendum last year.

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Highlights

  • Unemployment rate climbs to 5 percent in the third quarter, up from 4.7 percent.
  • Wage growth continues to shrink as businesses delay hiring ahead of budget.
  • Weak labour data raises chances of Bank of England cutting interest rates.

The United Kingdom's unemployment rate increased more than expected to 5 percent in the third quarter, official data revealed Tuesday, marking the highest level since early 2021.

The Office for National Statistics said the rate had risen from 4.7 percent in the previous quarter. Analysts had predicted a smaller increase to 4.9 percent. The data comes just weeks before the Labour government is scheduled to present its annual budget on November (26), which is expected to include tax rises amid slow economic growth.

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