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UK Employment Rate at Record High

UK Employment Rate at Record High

The employment rate in the UK after the Brexit vote in August is still at a record high of 74.5 per cent, the same as the previous quarter. The number of employees continues to grow despite the concerns over Britain’s forthcoming exit from the EU. However, analysts say that more than the half of the employment growth is amongst part-time workers. At the same time, the jobless rate is frozen at 4.9 per cent, which is its lowest since 2005, and job vacancies have shown no sign of disappearing after the number stayed at 750,000 from July. Average earnings increased by 2.3 per cent in the year to August, down by 0.1 per cent on the previous month. The Confederation of British Industry urged ministers to put their efforts on supporting industry to raise productivity and increase wages in order to counterbalance the effects of rising prices.

Currently, debates revolve around which form of exit Britain will take. At the same time, the squeeze on incomes and the growth of available jobs is expected to put the Treasury on the back foot. The employment rate, which is now at a record high with more than 31.8 million men and women in work, is considered one of the government’s main achievements. Employment Minister Damian Hinds, after expressing his satisfaction about those numbers, added, “But there’s more to do, particularly when it comes to supporting young people into employment. We want to build a solid base for the future; that’s why today I have announced the rollout of our Jobcentre Plus Support for Schools scheme in England, which will give tens of thousands of young people help in taking their first steps into the world of work.”

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