CHANCELLOR Sajid Javid has hailed record employment figures ahead of Brexit day – as wages rose at the fastest rate in a decade.
Despite the challenges Britain faces in the run up to leaving the EU, the economy is strong and ready to tackle it, he insisted.
And he said the strong economy was thanks to the hard work of the Government for getting the finances under control, meaning Britain can finally start investing more in public services.
Wages increased by 3.9 per cent, excluding bonuses in the last 12 months, the figures showed – higher than experts predicted at 3.8 per cent and the fastest since 2008.
Sajid Javid, said today: “Every person deserves the chance to succeed and provide for their families through a steady income. I’m pleased to see 2.9 million more people are in work every day since 2010, wages are rising at their fastest in more than a decade, and people across the UK are taking home more of what they earn.
“Thanks to the hard work of the British people and the government, we can further invest in our public services.
“And today’s figures are another sign that despite the challenges across the global economy, the fundamentals of the British economy are strong as we prepare to leave the EU.”
The ONS puts the jump partly down to a deferred 2018 wage rise for public health workers, which doesn’t normally come at this time of year.
In real terms – after adjusting for inflation – total pay is estimated to have increased by 1.8 per cent compared with a year earlier.
The number of people in employment has also hit record highs in the UK, rising by 115,000 to 32.81million – significantly higher than the 65,000 rise economists predicted.
But GDP figures out last week showed the start of an economic slowdown.
How to get a pay rise
RECRUITMENT experts reveal their top tips to get a pay rise:
- Do your research – find out the market rate for your job role to see if you should be paid more.
- Know your worth – have concrete evidence of how you’ve performed.
- Timing is key – annual reviews are a good time to ask for pay rises but you may also want to consider the health of the company too.
- Be clear and confident – if you don’t know what you want how is your boss expected to work it out.
- Learn a new skill – if you’re bringing added value to your role this could make you more valuable.
- Go the extra mile – do everything you can to stand out from the crowd.
- Include a plan of what you aim to acheive – this shows that you won’t rest on your laurels if you do get a pay rise.
- Contact the chief executive – if you’re keen for a pay rise then there’s no harm in going straight to the top.
- Consider other options – if a pay rise isn’t available, are there added benefits you could ask for instead, such as flexible working or more holiday?
- Get a new job – if asking for a pay rise doesn’t go to plan then consider moving jobs to get the increase you feel you deserve.
See Top tips to getting a pay rise for more information.
One of the factors behind this is the number of women in the workplace rising to 72.1 per cent – the highest rate on record – and there were more self-employed workers.
Another reason for both unemployment and employment figures going up is because the number of people aged between 16 and 64 out of work fell by 47,000 to 8.56million.
Job vacancies also fell by 20,000 to 820,000 over the same period, as it hit the lowest figure in more than a year.
However, the number of people out of work has increased by 31,000 to 1.33million – the biggest rise in unemployment rates since 2017.
New figures from the Office for National Statistics (ONS) show the rise, which was calculated in the three months to June, was far higher than predicted.
Matt Hughes, deputy head of labour market statistics for the ONS, said: “Excluding bonuses, real wages are growing at their fastest in nearly four years, but pay levels still have not returned to their pre-downturn peak.”
In June, we reported how the number of people out of work fell to the lowest rate of unemployment since 1974.
But it’s not all doom and gloom as Greggs is among the brands planning to create hundreds of new jobs by opening new stores.
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