This week we welcomed the positive news that for the first time in five years, wages have risen above inflation. Since the economic crises, pressure has been put on average wages due to higher inflation. But now they are increasing quicker than the cost of living and relinquishing the squeeze on hard working families. Whilst we still face a backdrop of slow growth globally and in other European countries, this news emphasises again that the UK economy is certainly on the right track.
More people are in work too. In North Swindon, we have seen a fantastic fall in unemployment of 55.5% since May 2010. This means that since the Government came to power, over 1200 people North Swindon residents have found work and are now taking home a wage packet to support themselves and their families.
To add to this encouraging news are the figures for youth unemployment in North Swindon - a problem that has been notoriously hard to tackle for years. Thankfully we have seen the number of young people unemployed and claiming benefits in North Swindon reduced by 51.9% since 2010. As well as new jobs being created, this reduction is in part thanks to the increasingly varied choices that young people can now take when it comes to thinking about their future.
Whereas all students were once told that they had to go to University in order to get a job; young people are now able to take apprenticeships to learn a trade, or attend specialist colleges which offer advanced courses of learning. With more choice now available, young people can choose what is best for them to ensure their future employment and security, whilst we can be safe in the knowledge of the UK’s ability to produce the next generation of scientists, engineers and technicians.
Here in Swindon, I got a chance to visit our new University Technical College earlier this month. The £10 million UTC campus is based in part of what was once Swindon's Great Western Railway works - a fitting setting for this new concept in local education which aims to teach students engineering and technical skills. The College is sponsored by Oxford Brookes University and I have encouraged local businesses in Swindon to support this fantastic venture which will aim to produce a set of professional workers to invest in the future of our town.
I am proud that we are delivering more opportunities to young people both nationally and here in Swindon, and will continue to support the Government as it encourages more and more people into work, and provides opportunities for young people. Whether through schools, specialty colleges, universities or apprenticeships, we must ensure a bright future for the next generation.
