New research has found that employment could grow by half a million in 2014, according to itv.com.
The study was carried out by the Chartered Institute of Personnel and Development (CIPD). Chief economist for the firm, Mark Beatson, said that there is a “high likelihood” that employment figures will exceed 300,000 over the next twelve months and even reach 500,000.
The experts also claimed that this rise in employment could trigger a review of low interest rates. This is currently 0.5 per cent and has been since March 2009. The Bank of England (BoE) claims that it will review these rates once unemployment falls below seven per cent, which could be achieved this year.
These predictions of increasing employment follow a successful year for jobs in 2013. Data shows that 30 million people in Britain are now employed.
Talking the data, Beatson told expressandstar.com: “This time last year we were talking about the UK’s ‘jobs enigma’. Since then, labour market performance has continued to exceed expectations, turning the UK labour market into a jobs machine.”
However, the expert also stated that UK productivity still needed to be improved, as he claimed it still remained “below pre-recession levels”. Beatson said that these low levels of productivity were currently harming wages.