New figures have shown that the number of people in full-time work has hit an all time high, unemployment has fallen to the lowest level in 45 years - and wages have risen ahead of prices for the 20th consecutive month.
By getting Brexit done, a Conservative majority government can move the country forwards and focus on the people’s priorities – investing in our NHS, tackling violent crime, and reducing the cost of living – including through increasing the National Living Wage to £10.50 per hour by 2024.
But this could be put at risk with a Corbyn led government in a hung parliament reliant on the SNP, that would see 2020 consumed by two chaotic referendums – one on Brexit and one on Scotland.
- The unemployment rate is at its lowest level since 1974. The unemployment rate is currently 3.8 per cent –it has not been lower since 1974 (ONS, Labour market statistics, 12 November 2019, link).
- Full time employment: At a record high, and up by almost 3 million since 2010. In the three months to September, there were 24,213,000 people working full time that is up from 21,221,000 in period covering February- April 2010 (the last full period that Labour were in power).
- Employment: 32.8 million (up 323,000 over the last year and up by 3.7 million since 2010).
- Employment rate: 76.0 per cent (up 0.5 points over the past year and up 5.8 points since 2010).
- Unemployment: 1.3 million (down 71,500 over the past year and down by 1.20 million since 2010.
- Wages: Average weekly earnings for employees increased by 3.6 per cent compared with a year earlier – growing by 1.8 per cent after adjusting for inflation – meaning people have more money in their pockets. Wages have increased ahead of prices for 20 months in a row.
- Youth unemployment: There are 438,000 fewer young people out of work since 2010 – almost halving since 2010.
- Female employment: There are 1.8 million more women in work since 2010.
- Ethnic minority: The number of people from an ethnic minority in work is at a record high. There are 1.2 million more people from an ethnic minority background in work since January-march 2010, increasing from 2,736,000 to 4,026,000.
- Disabled: The number of disabled people in work has increased by 1.3 million, and is now at a record high with the number of disabled people out of work at a record low.
Labour would wreck our economy and leave people with less money in their pockets:
- Labour have committed to spending £1.2 trillion over the next five years. Of this total, Labour have made £651 billion worth of spending commitments that are considered day-to-day spending and therefore cannot be borrowed for (The Telegraph, 10 November 2019, link).
- Labour’s day-to-day black hole means that each individual taxpayer in the UK could see their income tax rise by £2,400 a year – meaning workers would lose a month’s wages in higher taxes to pay for Corbyn’s reckless spending plans. Corbyn’s Labour would open up a huge black hole in the nation’s finances and hard-working people will be the ones that suffer. In order to pay for his policies, he will not only have to massively increase borrowing and debt, he will also need to hike up taxes by £2,400 per person – this is equivalent to an entire month’s pay for the average earner (The Sun, 11 November 2019, link).
- Labour have proposed a punitive new tax every two months since Corbyn took office – clobbering hardworking people with endless tax hikes that would leave them with less money in their pockets. These tax hikes include forcing more families into paying punishing death duties, raising taxes for 12.4 million workers by an average of £2,500, putting up the cost of a holiday and introducing a garden tax (The Daily Express, 13 September 2019, link).
- Labour’s benefits splurge would cost taxpayers a staggering £520 billion a year – almost four times the amount we spend on healthcare. Labour’s benefits bombshell include a universal basic income – a free for all handout to everyone from Premier League Footballers to even prisoners (Daily Express, 23 September 2019, link).
- Labour’s plans to renationalise vast swathes of our economy would cost £200 billion – hammering investment and pension pots and leaving people with nowhere to turn when things go wrong. According to the Confederation of British Industry, their plans to renationalise water and energy utilities, train companies and the Royal Mail would cost at least £196 billion. The huge sum is equivalent to the total amount of income tax paid by UK citizens in a single year, and is almost as much as the government’s annual budget for health, social care and education combined (City AM, 14 October 2019, link).
- No Labour government has ever left office with unemployment lower than when it started, meaning more people were denied the security of a regular wage. From May to July 1997 to March to May 2010, the unemployment level increased from 2.1 million to 2.5 million (IFS, 26 May 2017, link).