The Treasury Minister remains upbeat about the Island's economic prospects, despite an increase in the number of people without work.

The July total was up 45 to 967, representing 2.3 per cent of the economically active population.

However, the underlying trend for the previous three months was down, and Mr Bell says the Island is still doing well and is far away from recession.

He expects a further rise in unemployment over the next few months, particularly over the Christmas and New Year period, but says overall the situation is still quite Buoyant (play audio file):

Unemployment in the United Kingdom currently stands at just under eight per cent.