The number of people employed in the UK has risen again, to reach a record high – news which has been welcomed by North Swindon MP and DWP Minister, Justin Tomlinson.
Figures released by the Office of National Statistics show that over the past year there was a 359,000 increase in the number of people employed in the UK. In fact the number of people working in the UK reached a record high of 32.9 million – an increase of 3.85 million since 2010.
In addition to this, the number of people in full-time work has also increased to record levels, with an increase of 349,000 over the last year; meaning that the annual increase in the number of people working has been mainly due to full-time jobs.
Unemployment fell by 64,000 over the last year, and down 1.2 million since 2010. In addition to this, youth employment has halved since 2010.
Average weekly earnings for employees increased by 3.4 per cent from last year, growing by 1.8 per cent after adjusting for inflation – and real terms annual pay growth has been positive since December 2017 to February 2018.
In order to ensure that families feel the benefits of rising wages, the Government is helping to improve the cost of living, so they have more money in their pockets. This includes:
• The largest cash increase in National Living Wage, increasing it to £8.72 – giving nearly 3 million people a well-earned pay rise – with the ambition to end low pay over the next five years. The increase means an annual pay rise of £930 for a full-time worker on the NLW, and of £3,600 since the National Living Wage was introduced in 2016. The Government has also pledged to increase the National living Wage towards a new target of two-thirds of median earnings by 2024, which, on current forecasts, would make it £10.50 per hour.
• The Government will not to raise the rate of income tax, VAT or National Insurance throughout the lifetime of the next Parliament. This tax lock will benefit families across the country, helping them with the cost of living and ensuring they will get the full benefit of economic growth in their pay packets.
• An increase to the National Insurance threshold to £9,500 next year, saving people approximately £100. The Government will lift hundreds of thousands of people out of paying tax completely by raising the national insurance threshold from £8,632 this year to £9,500 next year. That will be a tax cut for 31 million people at approximately £100 per worker.
Justin Tomlinson said: “These are brilliant statistics – but behind them are real people now in work and providing for their families. Our plans to increase the National Insurance threshold, our pledge not to raise taxes and the increases to the National Living Wage will leave families better off and able to feel the benefits of rising wages.”
