Chloe Smith
MP for Norwich North

Reporting Back - More good news for the economy

Author: Chloe Smith, Updated: 18 April 2019 15:42

New figures show that the number of people in work is at a record high and wages have risen at their fastest pace in a decade – continuing to rise ahead of prices. This means that pay packets will go further and families will have more disposable income to spend on the things that matter most to them.

I am proud to be working with the Government to help more people back into work, having the security of a regular wage by reforming welfare so work always pays, while backing businesses to create more, better paying jobs across the whole country.

New announcements today have shown that;

  • Average weekly earnings for employees increased by 3.4 per cent compared with a year earlier.
  • Employment is at a record high of 32.72 million and the employment rate has also reached 76.1%, up 5.9 points since 2010.
  • Unemployment is down 76,000 over the past year and the unemployment rate has fallen to a record low of 3.9%.
  • There are almost 1 million more disabled people (930,000) in work since 2013, as we are breaking down the barriers to employment facing disabled people.

Full time employment has also reached a record high. Four fifths of the jobs created since 2010 are full time with only 2.6% of our workforce on zero hours contracts.

In addition to this welcome news, research by EY has found that the UK has become the world’s top investment destination. The UK displaced the US as the top investment destination globally, a position it had held since 2014. The US was followed by Germany, China, France, Canada, India, Australia, Brazil and the United Arab Emirates in the rankings.

Of course, more work needs to be done but I am pleased to see that the UK’s economy is thriving. Since 2010 the Government has put sound financial management at the heart of decision making and It is only by having a strong economy that enables us to spend more on the services that matter most, like the NHS, schools and social care.