The New Year has seen a new record low for unemployment in our community. The number of people on out of work benefits has now fallen by almost half since the government took office.
In Hampstead & Kilburn, there are 61 fewer people out of work than last month, taking the total fall since May 2010 to 1,491. That’s almost 1,500 families with the opportunity and security of a regular income. Across the country, there are now over 1,600,000 new jobs since 2010, of which fourth-fifths are full-time.
Unemployment’s now at a record low in seven of Hampstead & Kilburn’s ten wards, having fallen by at least 40% in every single ward since Labour left office: showing that the gains have been spread across our community.
Lower taxes on workers and businesses that create jobs, and low inflation and interest thanks to the government dealing with Britain’s deficit, has meant more jobs and more security for British families.
And for those in work, earnings have risen by their fastest in a decade. In the last year, median earnings – that is, the earnings of middle-income people, unskewed by the richest – have risen by 3.3%: six times as fast as inflation. The independent EY Item Club think tank believes that median earnings will rise this year by 3.7% more than inflation, showing that the recovery
This shows that the growth is being shared evenly, with more jobs, higher pay, and a lower cost of living across our country and our community, thanks to the Conservatives’ economic plan.