New independent statistics show that workers in the UK have seen the fastest wage growth for nearly a decade, news which has been welcomed by North Swindon MP and Work & Pensions Minister, Justin Tomlinson.
Figures released by the Office of National Statistics show that wages rose by 3.1% in the three months since August – the fastest rise since 2009 – 0.7% above inflation; meaning families will be able to feel the benefit of increasing wages.
The above inflation increase, the seventh consecutive real terms increase in pay, will give families increased financial security & disposable income.
The data also shows the employment rate has reached 75.7%, up from 75.1% this time last year. There are 289,000 more people in work than last year, with 388,000 more people in full time employment and 48,000 fewer people in part-time work – meaning the annual increase in the number of people in work was due largely to the being more people in full-time employment.
Unemployment remains at 4%, and has not been lower since the 1970s. Youth unemployment is at the lowest it has been since comparable records began and has fallen an incredible 50% since 2010. There were 832,000 job vacancies for July to September 2018, 35,000 more than a year earlier and close to a record high.
In Swindon, both unemployment & youth unemployment have more than halved since 2010 and there are almost 11,000 more people in work across the town. Employment in the UK has increased by more than 3.3 million since 2010 and is currently at a near record high of 32.4 million.
Since 2010, the UK has created more jobs than France, Spain, Ireland, the Netherlands, Austria, Sweden and Norway combined.
Justin Tomlinson MP said: “I am very encouraged by the wage growth being above inflation, meaning families can feel the benefit of rising wages. I am very proud of the work the Government has done to create opportunities for young people and reduce youth unemployment by a staggering 50% since 2010. The Government’s balanced approach to the economy is working – it is vital the we continue to focus on creating more jobs and ensuring that work pays.”
