It was reassuring to see last week’s employment figures, which showed that youth unemployment in our town has fallen further to 1.8 per cent.
Across all ages, unemployment is down by a third in the last 12 months. There is more to be done, and it is worth noting that this represents a 62 per cent decrease in the last five years.
The employment rate across the UK has seen the largest annual rise of any G7 economy – there are 400,000 more people in work compared to one year ago. Wages are also going up – regular wages (excluding bonuses) increased by 2.7 per cent over the last year, the highest since 2007.
If you are working 30 hours a week, and earning the Minimum Wage, you will not pay income tax.
Since 2010, the Personal Allowance threshold has been increased – this is the amount of money earned before paying income tax. The Personal Allowance has already risen from £6,475 in 2010, to £10,600 today. I support the Prime Minister’s plan to increase this further, to £12,500, during this parliament.
Only around one in 50 jobs are people on zero-hours contracts. I am aware that while some people find these convenient, others can be taken advantage of by unscrupulous employers. This is why this Government will take further steps to end exclusivity in such arrangements.
The majority of the rise in employment over the last 12 months – 85 per cent – has been in full-time employment. There are more than 2.4 million more people working in the private sector since 2010, and I am pleased that a host of Crawley companies are playing their part in our country’s growth.
The latest figures show that more than 85 per cent of young people (aged 16-24) are in full-time study or work. Youth unemployment, excluding full-time students has fallen below the level it was before the recession.
Crawley’s economy is doing well but the work to improve further still must continue and I look forward in continuing to play my part.