Rachel has welcomed a report from the Resolution Foundation which has found Britain’s post-crisis jobs boom has particularly benefited low-income households and disadvantaged groups the most.
The non-partisan think tank’s report, ‘Setting the record straight,’ which was published on Monday (January 14th), looks at the key drivers behind the UK’s record employment levels.
Since 2010, 3.4 million jobs have been created and 32.48 million people are now in work in the UK – more than ever before. The unemployment rate is also at a near record 40-year low.
The report has found that lower-income and disadvantaged groups in Redditch and across the UK have been the main beneficiaries of the Britain’s jobs boom. Almost two-thirds of the jobs growth since the financial crisis of 2008 has gone to people in the bottom half of the income distribution.
People with low qualifications account for almost half of the jobs growth, while people with a disability account for a third of the rise.
A key finding of the report is that Britain’s jobs boom has not been driven by low-wage jobs. Half of all jobs growth since 2008 has taken place in professional occupations, business services and real estate jobs, all of which are relatively high-paid.
And, despite an initial increase in the amount of insecure work such as self-employment and zero-hours contracts, the Resolution Foundation has also found that over the past year, the entirety of jobs growth has been in full-time employee roles.
In welcoming the findings of the report, Rachel said:
“Contrary to the claims made by the Labour Party, Britain’s jobs boom has benefited my constituents at the lower end of the income spectrum the most.
“More people are in work than ever before, in receipt of a regular pay packet and providing for their family. This hasn’t been achieved on the back of insecure work, quite the opposite, instead there has been huge growth in full-time work which has benefited lower-income families in Redditch.
“These welcome findings from the Resolution Foundation follow new figures from the Office for National Statistics which found median weekly pay for full-time employees in Redditch is growing at a faster rate than the UK average. Between 2010 and 2018, there has been a 35 per cent increase in median weekly pay for full-time employees in Redditch.
“There is still more to do to create more high-skilled and high-paid jobs in Redditch, but things are clearly moving in the right direction.”