UNEMPLOYMENT FALLS AS 30.9M ADULTS NOW WORKING

Figures released by the Office for National Statistics show that the rate of unemployment is now below 6 per cent, standing at 5.7 per cent – a fall of 97,000 to 1.86m in the three months to December.

The level of people in work is at a record of high of 73.2 per cent – 30.9m people – and average earnings including bonuses increased by 2.1 per cent in the quarter, compared with the previous year.

Commenting on the figures, the Business Secretary Vince Cable said:

“These record figures show that the number of people in work in Britain today is at an all-time high. This is an extraordinary achievement….”

Mr Cable continued

“We have also cut long term unemployment by a quarter over the past year and those claiming unemployment benefits have fallen to their lowest levels since the financial crisis, creating a chance for everyone to get on in life.

“Many workers continue to see their weekly pay packet increase faster than inflation – meaning a real terms pay rise for millions of working families. We must now focus on seeing productivity rise, which means investing in long term skills to create a stronger economy through our industrial strategy.”

Source: Andrew Stunell