Chancellor said:
“The jobs market remains strong, but inflation remains too high.
To help people’s wages go further, we need to stick to
our plan to halve inflation this year.
"Tomorrow at the Budget, I will set out how we will go further to
bear down on inflation, reduce debt and grow the economy,
including by helping more people back into work."
Additional information:
- Unemployment is higher in Canada, France, Italy, Spain, and
the Euro area.
- Employment is lower in the US, France, Italy, Spain and the
Euro area.
- The unemployment rate of 3.7% in the three months to January
remains very low by historical standards’
- There are more than 30 million employees on payrolls in
January 2023, over 1 million above pre-pandemic levels.
- As set out at the Autumn Statement, the Department for Work
and Pensions will thoroughly review workforce participation to
understand what action should be taken on increased economic
inactivity, which will be set out at Budget.
- Monetary policy is the responsibility of the independent Bank
of England. The government remains fully committed to the Bank’s
independence, and the inflation target of 2%.
- In addition to the Energy Price Guarantee this winter, which
is saving the average household £900 on energy bills, the
government provided £1200 worth of support to the most vulnerable
households for 2022-23:
o
£650 in cost of living payments;
o
£400 through the Energy Bill Support Scheme;
o
£150 Council Tax rebate;
o
Additional support for pensioners and those claiming disability
benefits.
- The government has announced further support on the cost of
living in 2023-24, targeted at those most in need:
o
UK households on means-tested benefits will receive a further
£900 Cost of Living Payment;
o
Pensioner households across the UK will receive an additional
£300 Cost of Living payment;
o
People across the UK on non-means-tested disability benefits will
receive a further £150 Disability Cost of Living payment, to help
with the additional costs they face.
- We have extended the Household Support Fund for another year
in England, with £1 billion of extra funding (including Barnett
funding for the devolved administrations).
- The government continues to speak to unions to resolve
industrial action and reduce disruption to vital public services.
The objective has always been to find a fair deal, without
risking our promise to halve inflation this year – because
failing to meet that will make every household poorer.
- The government will always act to protect taxpayers and
households, and remains committed to the Pay Review Body process.
, Labour’s Shadow Work
and Pensions Secretary, commenting on the latest ONS
labour market statistics, said:
“The Tories’ abject failure to support people back to work means
there are 234,000 fewer people in employment than before the
pandemic.
“While other major economies have bounced back, Britain is
languishing under the Tories – and families are paying the price.
“Labour is ambitious for Britain and has led the battle of ideas
putting forward key welfare reforms to help get Britain back to
work.
“We will support people into work and create good, new jobs
across every part of the country.”
