Bank of England Monetary Policy Committee member Steve Nickell said Tuesday that there appears to be some spare capacity in the U.K. labor market, but that the overall situation is "tight." In a paper entitled "How Much Spare Capacity Is There In The U.K. Economy?", Nickell said research showed there was spare capacity in the U.K. economy in 2004 and more than some outside commentators had thought. "(The data) suggests more spare capacity than the Organization of Economic Co-operation and Development numbers indicate but less than the (U.K.) Treasury figures," Nickell said. "On balance, there still appears to be some spare capacity available in the labor market, but within firms the overall situation is tight."