North Swindon MP Justin Tomlinson has welcomed news that the number of people in employment in the UK has hit a joint record high.
Figures from the Office of National Statistics show that 402,000 have moved into employment in the last year, bringing the employment rate to 75% - a joint record high.
Currently the unemployment rate is 4.3% - the lowest it has been since 1975 – and the number of people not working and not looking for work fell by 158,000 on the year, to the lowest since records began.
The female employment rate is at a record high of 70.9%, with over 15 million women in work – a rise of 234,000 on the year, and there are now 1.5 million more women in work since 2010.
The statistics also show:
- Vacancies are at 816,000 in the three months to February 2018, up 56,000 on the year and up by 349,000 since 2010.
- The number of people working full time has increased to a new record high.
- Youth unemployment has fallen by over 40 per cent since 2010.
- The UK has the 3rd highest employment rate in the G7.
As well as more people in work, wages are also increasing - with pay before bonuses pay rising 2.6% and total pay rising by 2.8%.
From next month, the Government will be taking thousands more people out of paying tax and also increasing the National Living Wage, benefiting those on the lowest pay and making sure they keep more of what they earn.
The amount of money people can earn before they start paying income tax will rise in April 2018 from £11,500 to £11,850. From 1 April 2018, the National Living Wage – the minimum paid to employees aged over 25 – will rise from £7.50 an hour to £7.83, equating to a £600 annual pay rise for full-time workers on basic pay.
The Government is still keen to build on this work and see that everyone benefits from a well-paid job, in order to do this the Government is:
- Improving the welfare system with Universal Credit, which helps people move into work faster and to stay in work longer than under the old system
- Introducing a modern Industrial strategy to help businesses create better, higher-paying jobs in every part of the UK
- Helping people stay in work longer with our Fuller Working Lives strategy, which supports employers to recruit, retrain and retain older workers
- Tackling inequalities in employment highlighted by the Race Disparity Audit, through targeted support in 20 areas around the country and £90 million announced by the Prime Minister to help young people
Justin Tomlinson said: “This is further fantastic news about our economy as more people in employment benefits everyone. Labour have never left office with unemployment lower than when it entered, showing that Labour doesn’t work. Thanks to a Conservative Government and its balanced approach to the economy, millions more people are benefiting from employment. I firmly believe that work should always pay, and I fully support the Government’s efforts to ensure this is the case. Universal Credit has helped hundreds of thousands of people into employment, and I hope this number will increase as the roll out continues.”
