David Cameron praises UK drop in unemployment
David Cameron has praised initiatives to get more young, unemployed people into work, following the largest ever quarterly increase in employment.
Unemployment recently fell to 7.1%, approximately 280,000 jobs having been created for British people. Cameron hailed the positive alteration in statistics, saying they will bring “peace of mind” to British people regarding the economy.
The fall to 7.1% signifies a step towards the increase of inflation rates, as the figure paramount to the decision is now within touching distance. The Bank of England had said it would not raise interest rates above their historically low level of 0.5% until the unemployment rate drops again to 7%.
Analysts had not expected the objective to be achieved until later this year, although there is no absolute guarantee inflation rates will be lifted having once met it.
However, the prime minister has been quick to outline the importance and positivity of the recent data. “The biggest quarterly increase in employment on record. More jobs means more security, peace of mind and opportunity for British people” he commented.
Employment minister Esther McVey added: “Creating jobs and getting people into employment are central to our economic plan to build a stronger, more competitive economy. So it is very encouraging news that we have seen a record-breaking rise in employment over the last three months – the largest ever.”
The Office for National Statistics (ONS) stated that the number of those out of employment fell by 167,000 between September and November 2013 to 2.32 million, while the number of people claiming jobseeker’s allowance in December fell yet again, meaning that the claim count has now decreased for 14 months in a row.
“It’s clear that the Government’s long term economic plan to get people off benefits and into work so they can secure their future is proving successful,” said McVey.
Mr Cameron today also applauded an initiative by computer giant Microsoft to support 300,000 unemployed young people in the UK into work over the next three years.
The number of unemployed 16-24-year-olds has recently fallen by 39,000. Microsoft hope to improve that figure still by offering young people the skills and inspiration they need through a blend of education, training, apprenticeships and experience.