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"If you were in France or Spain or Greece... you would say I wish was in that position"

Business quote of the day.

Ian Duncan Smith. Photograph: Getty Images

"No-one is saying this is easy, but if you were in France or Spain or Greece... you would look at these figures and say I wish we were in that position"

Work and Pensions Secretary Iain Duncan Smith comments on the fall in UK unemployment in the three months to December. However official figures show there was a cut in the real value of pay as inflation remains higher than pay growth.