Unemployment across the UK has fallen to its lowest level for more than a decade, new statistics have shown.<\/p>\n
In the three months to November, the number of people out of work dropped to 1.68million \u2013 with 99,000 fewer jobseekers than during the previous quarter.<\/p>\n
Chancellor George Osborne was delighted by the figures released by the Office for National Statistics (ONS) believing that they vindicate his long-term economic plan.<\/p>\n
\u201cEvery new job means the security of a pay packet for a worker and their family,\u201d he said.<\/p>\n
Employment Minister Priti Patel was similarly buoyant, arguing that the latest data had got 2016 off to a fantastic start.<\/p>\n
\u201cIn a further demonstration of the strength of the UK labour market, today’s figures show there are a record three-quarters of a million vacancies,\u201d she said.<\/p>\n
\u201cWe will build on this throughout the coming year – doubling childcare for working parents and introducing the new National Living Wage – ensuring that everyone has increased financial security and the opportunity to get on and succeed in life.\u201d<\/p>\n
But the good news was offset by the fact that wage growth is continuing to slow; the average weekly earnings, excluding bonuses, increased by just 1.9 per cent over the three month period.<\/p>\n
This sluggish growth is likely to be an obstacle to the Bank of England increasing interest rates anytime soon.<\/p>\n
The BoE\u2019s governor Mark Carney ruled out any imminent change on Tuesday of this week.<\/p>\n
\u201cLast summer I said that a decision as to when to start raising Bank Rate would likely come into sharper relief around the turn of the year,\u201d he told an audience at London\u2019s Queen Mary University.<\/p>\n
\u201cWell, the year has turned and, in my view, the decision proved straightforward – now is not the time to raise interest rates.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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