U.K. Prime Minister David Cameron has some advice for Europe: Help fix your unemployment crisis by bringing jobs back from lower cost locations like China.
Rising wages in developing economies, higher transportation costs and a desire to be closer to customers were prompting companies to bring jobs back to the U.K., Cameron said Friday. And Europe could jump on the bandwagon.
“Economies in Europe have a unique opportunity to accelerate the trend of jobs coming back home,” he told business leaders at the World Economic Forum in Davos.
Unemployment is falling in the U.K. and the U.S., in stark contrast to the eurozone, where record numbers of people remain out of work even as the regional economy leaves recession behind.
The U.K. created 250,000 jobs in the three months to November, the biggest quarterly increase since records began in 1971.
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