Chancellor and Labour respond to Labour Market Statistics

Tuesday, 16 January 2024 08:10

The Chancellor Jeremy Hunt has responded to the Office for National Statistics' Labour Market Statistics Chancellor of the Exchequer Jeremy Hunt said: “It has been tough for many families recently, but with inflation now falling and the economy gradually returning to growth today’s continuing rise in real wages will offer further relief. On top of this the cut in National Insurance contributions will get more people back into the jobs market, not just supporting economic...Request free trial

The Chancellor Jeremy Hunt has responded to the Office for National Statistics' Labour Market Statistics

Chancellor of the Exchequer Jeremy Hunt said:

“It has been tough for many families recently, but with inflation now falling and the economy gradually returning to growth today’s continuing rise in real wages will offer further relief. On top of this the cut in National Insurance contributions will get more people back into the jobs market, not just supporting economic growth but saving a typical two earner household around £1,000 this year.”

Further information:

Whole economy total pay growth has fallen from 7.2% in the 3 months to October to 6.5% in the 3 months to November
Real wage growth was 1.3% in the 3m to November (total pay, deflated by CPI). This is the fifth monthly release in which real wage growth has been positive.
The number of employees on payrolls fell in December to 30.2m employees (-24,000), though is still 4.1% above pre-pandemic employee levels.
At Autumn Statement 2023, the Chancellor built on the package announced at Spring Budget to support a further 78,000 people into employment by 2028-29 and deliver the government key objectives to increase growth, control spending, manage inflation and boost productivity. The package targets two key groups: those who are long-term sick or disabled (LTSD), those long-term unemployed (LTU).

Liz Kendall MP, Labour’s Shadow Work and Pensions Secretary, responding to the labour market statistics published this morning by the Office for National Statistics, said:

“New year, same old story of economic failure by this incompetent Tory Government.

“We remain the only country in the G7 with an employment rate still below pre-pandemic levels and there are 2.6 million people locked out of work due to long term sickness – an all time high that costs them and the taxpayer.

“It’s time for change. Labour has a plan to grow the economy, bring the benefits bill down and get Britain working. We will tackle the root causes of economic inactivity by driving down NHS waiting lists, reforming social security, making work pay and supporting people into good jobs across every part of the country.”