UK Labour Market ‘Defies Gravity’
Anyone searching for a job in London has been reassured that employment in the UK is faring well at the moment, with one expert stating the labour market is continuing to ‘defy gravity’.
Head of employment at the Confederation of British Industry Matthew Percival was speaking following the release of the labour market statistics for November 2018 to January 2019.
According to the Department for Work and Pensions’ figures, employment rate in Britain is at a record high at the moment, with 76.1 per cent of people in the country working.
Indeed, there were 473,000 more Brits in work in January this year than there were in 2018.
Mr Percival stated: “The UK labour market continues to defy gravity.”
However, he urged politicians not to become complacent with the good news, adding: “The government must accelerate the industrial strategy, ensuring that the UK economy can generate jobs and pay growth in the future.”
According to the statistics, the unemployment rate remains low at 3.9 per cent, with the figure falling below four per cent for the first time in more than 40 years.
Minister of state of employment Alok Sharma commented on the results, saying: “[The] employment figures are further evidence of the strong economy … showing how our pro-business policies are delivering record employment.”
The government plans to continue supporting the labour market by investing in training, apprenticeships and the infrastructure needed for future employees; helping people to stay in work for longer with implementation of its Fuller Working Lives strategy; encouraging businesses to create jobs through its modern Industrial Strategy; and maintaining its Universal Credit, which helps people move into employment and stay in it.