Unemployment falls as wages grow

It is very good news to hear that our local community is benefitting from higher employment and higher wages.

There are 2775 people claiming out of work benefits in Bermondsey and Old Southwark as of last month, an unemployment rate of 2.8% - according to the NOMIS, who publish the UK’s labour market statistics.

Since November last year, nearly 1000 people have stopped receiving job seekers allowance, and are now benefitting from work instead.

Today’s statistics are just a continuation of the good news we continue to receive about our local economy. There has been a 33% drop in JSA claimants since May 2010.

Bermondsey and Old Southwark is directly benefitting from having Liberal Democrats in government that know how to create a stronger economy and a fairer society. 

Success in our local community is mirrored at a national level, too. There are now a record 30.8 million people in work throughout the UK, with unemployment continuing to fall.

On top of more people in work, however, is the news that wages have increased by 1.6% over the last year, higher than the rate of inflation. In other words, the cost of every day items is rising slower than the amount people are earning.

While this is clearly good news, there is still much work to be done. Bermondsey and Old Southwark’s JSA claimant rate is still proportionally higher than London’s and the UK’s, which are 2.2% and 2%, respectively.

Six thousand apprenticeships have already been delivered in Southwark since 2010, for example, but I am fighting for more.

I am fighting for more jobs, and for more young people to be in education, employment and training.