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Gloucestershire Business News

Unemployment rate lowest in over 40 years

The unemployment rate in Britain remains at a 40-year low, according to the latest figures from the Office for National Statistics.

Today's figures also show the employment rate has remained at a record 75.6 per cent, with 197,000 more people in work compared to October to December 2017.

And with the number of Black, Asian and minority ethnic people in work up 475,000 since 2015, the Government is making rapid progress on its commitment to increase BAME employment by 20 per cent by 2020.

Esther McVey, the secretary of state for work and pensions, said: "Since 2010 we have seen more than 3.2 million people move into work right across the UK.

"Youth unemployment has fallen by over 40 per cent and the unemployment rate has not been lower since 1975.

"Today's figures once again cement that turnaround, with a new employment rate record of 75.6 per cent, and on average over 1,000 people each and every day, since 2010, getting a job.

"With wages growing faster than inflation and increases in the personal tax allowance, not only are more people bringing home a pay packet but they are keeping more of their hard-earned money for themselves and their families."

Separate figures out today showed that 870,000 people are now on Universal Credit as the rollout of the new benefit continues. Of these, 36 per cent were in employment (320,000).

According to the Government there are 806,000 vacancies in the economy at any one time.

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