July 18 ,2014 | by Hari Sri

UK employment rate rises to record high

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The UK has experienced a record-breaking annual rise in employment, with close to a million people now in work compared to a year ago, official figures from the government have revealed.

According to data released by the Office for National Statistics (ONS), the past 12 months have seen a rapid increase in the number of people now in employment, which is equal to the record high of 2005.

There are now 30.6 million people in work, 1.8 million more than in 2010, when the current government came into power. MPs in the coalition were quick to explain this upsurge as testament to its commitment to tackling unemployment and making real progress.

 

Minister for employment Esther McVey said that this was landmark moment in the UK’s recovery from the financial crisis, which resulted in a severe depression, the likes of which have not been seen since the 1930s.

“With one of the highest employment rates ever, it’s clear that the government’s long-term economic plan to help businesses create jobs and get people working again is the right one,” she added.

“With an employment rate which has never been higher, record women in work and more young people in jobs, the resilience of the country during the downturn is being rewarded.”

Ms McVey concluded by saying that while these figures demonstrate that the government’s policies our working very effectively, more needs to be done to fuel further growth and boost job creation.

 

Analysis of ONS data revealed that unemployment has seen its biggest annual fall in 20 years, reducing by a massive 383,000.

Other milestones include the largest annual fall of unemployment young people since the late 1980s, with 141,000 fewer youngsters out of work.

Other highlights from the ONS include the fact that the number of women in work is now at a record high of 14.2 million, with the female employment rate sat at 68.1 per cent.

Hari is the LSBF Blog's News Editor. He manages the editorial content on the blog and writes about current affairs, SME, entrepreneurship, energy, education and emerging market news.

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