New jobs figures this week show that employment is at a record high – with more people in work than ever before. And unemployment is at its lowest since 1974, giving families the security of a good job and more money in their pockets thanks to another month of rising wages.
Now we are embarking on a bright future outside the EU. We are delivering on people’s priorities and helping families with the cost of living through lower taxes, higher wages and more well-paid jobs – including by giving the National Living Wage its largest cash boost ever from this April.
At the People’s Government’s first Budget on March 11 we will set out our plans to repay the trust people have placed in us – levelling up and unleashing the country’s potential, ushering in a decade of renewal.
Wages are continuing to rise
Average weekly earnings for employees in the UK has risen by 3.2% in the last twelve months. That means that, now, employment is at its highest level since before the financial crisis.
And we are giving the National Living Wage its largest cash boost ever in April. The living wage will rise to £8.72 – giving nearly 3 million people a well-earned pay rise – and reach £10.50 by 2024.
Employment is at a record high
Office for National Statistics✔@ONS
76.5% of people aged 16 to 64 were in paid work in October to December 2019
This is a record high, 0.4 percentage points higher than the previous quarter and 0.6 percentage points higher than a year earlier http://ow.ly/CenK50yp3AL
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Employment has reached a record high of 32.93 million, up almost 4 million since 2010. That means unemployment is now at its lowest rate since 1974 – just 3.8%, and has more than halved since 2010.
We are tirelessly working to make real work pay, and this Conservative government has promised it will not raise the rate of income tax, VAT or National Insurance throughout the lifetime of Parliament. That promise means families across the whole United Kingdom will benefit from a Conservative economic plan, helping people with the cost of living and ensuring they will get the full benefit of economic growth.