New independent jobs figures show the fundamentals of the British economy remain robust, with employment at a joint record high, and unemployment at its lowest for over 40 years – news which has been welcomed by North Swindon MP Justin Tomlinson.
The employment rate currently stands at 76.1%, up from 75.6% this time last year. There are 357,000 more people in employment than last year, with 402,000 more people in full-time jobs – meaning the annual increase in jobs is down entirely to full-time jobs.
The employment rate for women is at 70%, the highest since records began. There are now also more disabled people in work than not in work, and 1 million more disabled people in work since 2014.
The unemployment rate is 3.8%, and has not been lower since 1977, with youth unemployment almost halving since 2010. There are 112,000 fewer people unemployed than last year, and 857,000 fewer than five years ago. In that five years people unemployed for more than a year saw the biggest fall, with nearly 100,000 fewer people unemployed for more than a year in 5 years.
As well as improving the employment figures, the government has also worked to improve the cost of living, and to make sure that work pays. This has seen:
- The biggest increases to the National Living Wage – which has been the biggest driver in rising wages. Earlier this year the government increased from £7.83 to £8.21 an hour, representing an increase to a full-time minimum wage worker’s annual earnings of over £690.
- The Personal Allowance – the amount you earn before you start paying income tax – increased to £12,500 a year before our manifesto commitment so the typical taxpayer will be £1,205 better off than in 2010. On 6 April the Personal Allowance increased to £12,500 and the Higher Rate Threshold in England, Wales, and Northern Ireland will rise to £50,000. These changes will cut taxes for 32 million people and take 1.74 million people out of income tax altogether compared to 2015-16.
- A Freeze to fuel duty for the ninth successive year this year – keeping the costs of driving down. By next April, this will have saved the average car driver a cumulative £1,000.
Justin Tomlinson MP said: “These are important figures, they represent real people in work and providing for their families. This has been possible due to the Governments balanced approach to the economy, and its success would be jeopardised by a Labour Government – who have always left office with higher unemployment than when it came to power. I am very proud of the work the Government has done, and I will work hard to ensure this positive trend continues.”
