Chancellor response to September labour market stats

Notes to editors

• Yesterday, we published a progress update setting out how the Plan for Jobs has supported millions of people, and will continue to support people into work and develop their skills: https://www.gov.uk/government/publications/plan-for-jobs-progress-update
• Last year, the OBR were expecting the unemployment rate to reach around 12%, whereas now they expect less than half of that – that’s 2 million fewer people out of work. More recently, the Bank of England forecast that the unemployment rate would not increase any further.
• Management information published by the Insolvency Service last week showed a lower number of potential redundancies notified in August than at any point since January 2020, when the published figures begin. These are available here: https://www.gov.uk/government/publications/publication-of-data-on-advanced-notification-of-redundancy-scheme/management-information-on-advanced-notification-of-redundancy-scheme