The Office for National Statistics released figures that show a rise in unemployment (ILO measure) to 2.51 million. This must signal the Government to continue with current measures to stimulate the economy and encourage growth.
While today’s figures are disappointing unemployment remains lower than it was six months ago. The latest estimates show that the overall numbers of people claiming out of work benefits have fallen over the past year indicating that Government’s welfare reforms to get people off benefits are working.
The slowdown in the world economy and fragile financial markets across both Europe and North America is clearly having an impact on the UK economy. Ministers are confident that the private sector can continue to create jobs as it has done consistently over the last year.
The Government is determined to tackle youth unemployment, which is why Ministers have committed to increasing the number of adult apprenticeships by an extra 75,000 a year to give young people a head start in finding and keeping a job with a future.
Employment Minister Chris Grayling said:
“Today’s figures underline the scale of the challenge that we face particularly given slower growth across Europe and North America. Unemployment remains lower than it was six months ago but clearly we must continue to focus our efforts on supporting business growth and ensure that people who do lose their jobs have the best possible support to get back into employment.”
The Government is taking the steps needed to support growth and rebalance the economy, including:
– The creation of eleven new Enterprise Zones, designed to boost local growth and create over 30,000 new jobs by 2015;
– Providing real incentives for businesses to grow and create job opportunities;
– Announcing four annual reductions in corporation tax;
– Cutting the small companies rate;
– Expanding loan guarantees;
– Simplifying health and safety laws;
– Investing in science and apprenticeships;
– Promoting exports through major trade missions;
– Launching the New Enterprise Allowance (NEA) which will help up to 40,000 businesses get up and running;
– Supporting work clubs and enterprise clubs across the country;
– Reforming the Welfare State to make work pay.
We will ensure that people who lose their jobs get the best possible support available. Our new Work Programme is now up and running across the country and will offer flexible support tailored to people’s needs to help them get into employment.
Source : Department for Work and Pensions
