Osbourne Dipping Toe in Unemployment Ocean

David Cameron has said that with 2.5 million people unemployed in this country that we are facing a "jobs crisis". So what is the big scheme to deal with this?

Well George Osbourne has announced a plan to cut the employers National Insurance contributions for the first 10 employees of a start up company. The net effect? Well even Osbourne says this will only create 60,000 new jobs in the first period of a Conservative government.

So the net effect that this plan is going to have on 2,500,000 unemployed is reduce it to 2,440,000. Wow! That looks impressive. How many jobs without such a tax break will be lost in the same period? Even in good years 60,000 jobs are lost through natural evolution of businesses, in good years these tend to be picked up elsewhere.

David Cameron said yesterday:

"This is such an important week for us. This time we have a real chance of making a difference … Sixty million hopes resting on our shoulders. We must not let Britain down.

"Let this be the week we talk to the country about our plans, our vision."

Well so far in the job market 0.01% of that sixty million have had their hopes realised. We await with baited breathe the next big small idea.

Of course it is not the first tinkering the Tories have announced regarding National Insurance at the weekend they announced the rich people's top up scheme to ensure free medical care.