26th October 2018
CENTRAL DEVON MP Mel Stride has welcomed the latest employment figures which show wage growth at a ten-year high, overall unemployment remaining at a 43-year low and youth unemployment now 50% lower than it was in 2010. This equates to 475,000 fewer people aged 18-24 out of work. Compared to a year ago employment in the UK is up by 289,000 and unemployment is down by 79,000.
Mr Stride said:
“These are a very encouraging set of job figures with wages continuing to rise faster than inflation and the proportion of young people who are unemployed and not in full-time education at the lowest level since records began in 1992. This means that more young people are working hard earning a living or studying for valuable qualifications. We are also starting to see one of the consequences of low unemployment – rising wages – with seven consecutive months of wage growth. But there is much, much more still to do and there must not be any complacency within Government as it continues to drive down unemployment and help businesses grow.”
Mr Stride, who serves as Financial Secretary to the Treasury, also highlighted the greater wage growth for those on lower incomes compared to those on higher incomes as especially good news, adding:
“In the past three years the lowest paid 5% of workers in the UK have seen their wages rise by 6.8% compared to the highest paid 5% of workers who have seen a 2.2% rise.”