UNEMPLOYMENT has fallen to the lowest level in 45 years today, and Britain finally got an inflation-busting pay rise.
Despite uncertainty around Brexit and the current political climate, Britain got its biggest pay rise in three and a half years in the three months to May as take-home pay rose by 1.7 per cent.
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Official figures revealed that employment was up by 28,000 in the last quarter to 32.75million – with even more women working than ever before.
And unemployment fell by 51,000 to 1.29million in the same period – the lowest level since 1974.
The figures revealed that the over-50s drove 90 per cent of employment growth over the past year.
Average earnings smashed economic forecasts to increase by 3.6 per cent in the year to May – the highest wage growth for 11 years.
It is the fastest rate since autumn 2015 after taking account of inflation, according to figures published by the Office for National Statistics.
The earnings boost was driven by a 4.9 per cent rise in the National Living Wage in April and a rise in pay for some NHS workers following the three-year pay deal agreed with the Government after years of the public sector pay freeze.
The figures also revealed that self-employed part-time workers had passed 1.5 million for the first time and double the number 25 years ago.
But despite recent growth, average pay packets are lower than before the 2008 financial crisis in real terms.
Matt Hughes from the ONS said: “Regular pay is growing at its fastest for nearly 11 years in cash terms, and its quickest for over three years after taking account of inflation.”
He added: “The labour market continues to be strong, with the employment rate still at a near-record high and unemployment down again.”
The stats show that despite uncertainty about Brexit and as Boris and Hunt battle to become Britain’s next PM, the economy remains strong.
Both have vowed to get us out of the EU before October 31, with or without a deal.
But Hunt has said he would ask for another extension if the EU appear ready to sign a deal but need a little extra time.
Last night at The Sun/talkRADIO’s debate, both of them ruled out any deal involving the Northern Irish backstop – a key part of the current deal which has been rejected three times.
Boris said he wasn’t attracted to any tweaks like a time-limit to the backstop, which could sway over some MPs to pass a tweaked version of the deal.
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And Hunt said that the backstop “as it is, is dead” hinting that he likely wouldn’t want to re-open the current deal either.
The pair have promised a series of tax cuts and spending sprees if they make it into Downing Street next month.
However, first they will need to put all their energies into getting us out of the EU on time – and they hope with a deal.
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