I'm proud that reforms have ensured that since 2010, this Conservative Government has helped over 3.6 million more people into employment. The number of people out of work is at its lowest since 1975, at 3.9 per cent – as we are helping people into work so that they have the economic independence that a job brings and can reach their full potential.
Behind every employment number is a person and a family whose self-esteem, mental well being, economic circumstances and life chances are all vastly improved by being in the workplace.
Below are some fantastic statistics that indicate our economy is going from strength to strength, proving further that those fear-mongering stories during and after the referendum were *somewhat* ...total nonsense!
- Wages: Average weekly earnings for employees increased by 3.4 per cent compared with a year earlier.
- Employment: A record high of 32.71 million (up 473,000 over the last year and up by 3.67 million since 2010).
- Employment rate: 76.1 per cent (up 0.8 points over the past year and up 5.9 points since 2010).
- Unemployment: 1.34 million (down 112,000 over the past year and down by 1.17 million since 2010) and the lowest level since 1975.
- Unemployment rate: 3.9 per cent (down 0.4 points over the past year and down 4.0 points since 2010) – the lowest rate since 1975 and halving since 2010 (8.0 per cent).
- Youth unemployment: There are over 439,000 fewer young people out of work since 2010 – almost halving since 2010.
- Disabled people: There are almost 1 million more disabled people (930,000) in work since 2013, as we are breaking down the barriers to employment facing disabled people.
Other Positive news includes:
- The latest data shows that wages increased by 3.4 per cent – while prices rose by 1.8 per cent in January – meaning wages have risen faster than prices for a year and hard-working families are keeping more of what they earn. This is good news, but there is more to do.
- The employment rate among ethnic minority groups is now 66.5 per cent.
- Almost four-fifths of jobs created since 2010 are full time jobs, with only 2.6% of the workforce on zero hour contracts, a reduction over the last year.
- There are over 1.77 million more women in work since 2010.
At the Spring Statement, the OBR confirmed Britain's employment success story is set to continue into the future:
- Employment is expected to be higher over the next five years, with the number of people in work expected to be 33.2 million by 2023.
- This means that since 2010, there will be 4.2 million new jobs created, making John McDonnell’s prediction of 1.2 million jobs lost out by 5.4 million.