The Chancellor's response to ONS July labour market
statistics is below.
Chancellor the Exchequer said:
“Our jobs market is strong with unemployment low by historical
standards. But we still have around 1 million job vacancies,
pushing up inflation even further. Our labour market reforms -
including expanding free childcare next year - will help to build
the high wage, high growth, low inflation economy we all want to
see.”
Additional information:
- Our unemployment rate is lower than in Canada, France, Italy,
Spain, and the Euro area.
- The Bank of England have said that the unemployment rate is
projected to be 3.8% in Q2 this year, lower than the
forecast of 4.1% in the February MPR. The unemployment rate is
projected to remain below 4% until the end of next year rather
than rising above 4.5% as expected in the February MPR.
- Our employment rate is higher than in the US, France, Italy,
Spain and the Euro area.
- The unemployment rate (4.0%) remains low by historical
standards.
- There were estimated to be around 30 million employees on
payrolls in June 2023, over a million above pre-pandemic levels.
- The Spring Budget delivers on our plan to grow the economy in
a way that does not fuel inflation – with a package of major
supply side reforms boosting both employment levels and business
investment.
- The OBR forecast our jobs market reforms will bolster
our labour market by more than 100,000 by 2027-28.
