Rolling coverage of the latest economic and financial news, including the latest Chinese GDP report and UK unemployment data
The London stock market has made a bad start to the morning.
The FTSE 100 index of blue-chip shares has dropped by around 1.35%, or 105 points, to 7860 – its lowest level since 21 March.
“We’ve seen long term sickness related inactivity rise since the pandemic, that’s why we introduced our £2.5bn Back to Work Plan to transform lives and grow the economy.
“Our welfare reforms will cut the number of people due to be placed in the highest tier of incapacity benefits by over 370,000. As millions are benefiting from this month’s huge boost to the National Minimum Wage, it is work, not welfare, that delivers the best financial security for British households.”
