Employment rate remains at record high
Britain has a joint record high employment rate of 75.6% with 32.39 million people now in work according to the latest official statistics.
The unemployment rate is now 4.2% – down 0.4% since last year – with the number of people out of work falling by 115,000.
The figures published by the Office for National Statistics (ONS) come as Black, Asian and minority ethnic employment (BAME) is at a record high. The BAME employment gap – the difference between the employment rates of the ethnic minority population and the overall population – is at an all-time low of 10.1% points.
Secretary of State for Work and Pensions, Esther McVey said: “The employment rate has never been higher – with over 3.3 million people moving into work since 2010. It’s a great British success story with businesses from Exeter to Edinburgh creating jobs – helping, on average 1,000 people find a job each and every day since 2010.
“With the increase in the personal tax allowance, this government has ensured that people are keeping more of their money before they begin paying tax – meaning more take-home pay, that’s more money in your pocket for you and your family.”
Minister for Employment, Alok Sharma said: “At 75.6%, the employment rate has never been higher, with more people in work than ever before. And with a continued fall in unemployment, we have a strong jobs market that’s set 17 new employment rate records since 2010.
“It’s also very welcome news that the ONS has reported that regular pay has outpaced inflation for the third month in a row.”
The increase in personal allowances means that the typical basic rate taxpayer is now paying £1,075 less in income tax than in 2010. Thanks to the National Living Wage full time minimum wage workers have had an annual boost of £2,000 since 2016.
Today’s figures also show that private sector employment is now at 27.04 million – up by over 3.7 million since 2010. It was also revealed that the number of women in work is at a record high of 15.26 million.
Youth unemployment has fallen by over 40% over the same time period and the number of workers aged over 50 has reached a record 10.18 million.