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News Article

Unemployment Rate Drops To 4%

Sep 26, 2018


The unemployment rate has dropped to a low four per cent for the first time since the mid-1970s.

There are 1.15 million fewer people unemployed than in 2010, according to the Office for National Statistics (ONS), demonstrating a boost in the jobs market over the last eight years.

Minister of state for employment Alok Sharma said: “Households across the country are benefitting from the security of being in work.”

He added that higher salaries, raising the National Living Wage, and increasing the income tax threshold has helped “deliver the fastest pay rise for the lowest earners in 20 years”.

Indeed, the UK has experienced six consecutive months of real term pay increases, and regular wages were 2.9 per cent higher in July.

As a result of a falling unemployment rate, it is not surprising to see employment figures reaching a record high of 75.5 per cent. There are 3.3 million more people in work than in 2010, leading secretary of state for work and pensions Esther McVey to say the government has “delivered significant growth in jobs”.

What’s more, youth unemployment has dropped by an impressive 45 per cent over the last eight years, with many more young workers getting jobs these days.

This could put pressure on office space, which is why many companies might be looking to expand their premises and are seraching for larger offices for let in Wrexham.

As there has been a significant increase in the number of Brits working for themselves over the last few years – increasing from 3.3 million in 2001 to 4.8 million in 2017 – those who are self-employed might also be interested in renting an office of their own.

This will help them detach their work and home lives, while also having a professional space where they can show clients round and host meetings.

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