Under the Conservative government the unemployment rate has dropped from 7.9% down to 4.4%. This is the lowest unemployment rate since 1974. Currently there are 32.07 million people in the work force which is 338,000 more than June 2016.
Matt Hughes, senior labour market statistician at the Office for National Statistics, stated “The employment picture remains strong, with a new record high employment rate and another fall in the unemployment rate.”
In addition to the decrease in unemployment, pay rises excluding bonuses have improved up by 2.1% compared to the predicted 2%. This increase has caused economists to suggest that as the economy gets closer to full employment there may be some recovery in wage growth. Specifically, zero hour contracts made up a total of 883,000 jobs which is a drop of 20k over the last 12 months.
Ruth Gregory, a UK economist at Capital Economics believes that “Inflation is likely to fall back next year as the impact of the drop in the pound dwindles. What’s more, the tightness of the labour market should deliver further rises in normal wage growth over the coming quarter”.
The Ribble Valley has had a drop in unemployment claimants in July of this year. The total number of unemployed claimants has been reduced to 530 which is 15 less than the amount in July 2016. This number represents a mere 1.1% of the economically active population in the Ribble Valley. The 1.1% the Ribble valley is experiencing is significantly less than the 2.5% average of the United Kingdom. The Ribble Valley is ranked as the 91st lowest of the 650 UK constituencies for total number of unemployment claimants.
Nigel Evans, who has been a vocal supporter of local business in the Ribble Valley hopes that the Conservative Government continues to implement policies to aid local business “I am thrilled to see growth in the economy of the Ribble Valley. We have fantastic small, medium and large businesses in Ribble Valley that have been able to grow, invest and create jobs thanks to the policies of the Conservative Government. I am fully committed to supporting local business and campaigning for business friendly policies on a national scale.”
Continuing Mr Evans stated “The Ribble Valley is benefiting greatly from the Government’s business growth policies, which I want to continue to create even more jobs. The unemployment rate is at 1.1%, well below the national average, which draws from the huge success of the businesses in the area. The Government’s push to enable growth in the North West has not only helped rural businesses, but created more jobs for the people who are the backbone of the British economy.”