Unemployment rate drops to four year low
The unemployment rate has fallen to just 7.4 per cent, marking a four year low and signalling the economy is truly beginning to recover.
According to express.co.uk, figures from the Office for National statistics (ONS) have revealed that in the three months to October, the number of unemployed Brits fell by 99,000 to just 2.39 million. This is the biggest drop the UK has experienced in over ten years.
Prime Minister David Cameron said it was a sure sign that the government’s plan to get people back into employment is working. However, Labour leader Ed Miliband argued that not all the jobs referred to in the ONS figures are full-time and millions of Brits are only working part-time because they don’t have any other choice.
On another positive note, over the last three months the number of people in work has increased by a quarter of a million and the majority of those who found jobs were employed into full-time, permanent roles in the private sector, reports freshbusinessthinking.com.
Employment minister, Esther McVey, said the figures acted as proof that the economy is growing and businesses are becoming more confident.
“It is really encouraging news that the number of people in jobs has increased by a quarter of a million in the last three months, bringing the total number of people in work to a record breaking 30 million,” she explained. “Together with a big fall in unemployment, this shows that the government’s long term economic plan to get people off benefits and into work is proving successful.”