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

Business quote of the day.

"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.

Ian Duncan Smith. Photograph: Getty Images

Helen Roxburgh is the online editor of Economia

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The New Statesman Cover | Wanted: An opposition

A first look at this week's magazine.

March 31 - April 6 
Wanted: An opposition