Unemployment in the UK falls to 2.5m

Between October and December 2012, unemployment in the UK fell by 14,000 to 2.5 million according to the Office for National Statistics (ONS). To coincide with this decrease, the number of people in work rose by 154,000 to 29.7 million. In total, 73% of those employed were working full-time and 27% were working part-time. However, the ONS stated that “there continues to be a cut in the real value of pay” as inflation continues to remain high versus pay increases. Average weekly earnings were £445 in December 2012, which is slightly up from £439 a year earlier. This figure does however, exclude bonus payments and other deductions from gross pay. The figures show how much the UK economy has been transformed since the recession began in 2008. Although the stats may not seem overwhelming, the ONS said “No-one is saying this is easy, but if you were in France or Spain or Greece… you would look at these figures and say I wish we were in that position.” A glance into the figures for January also suggest that the trend is looking positive for the months ahead, with the number of people claiming Jobseeker’s Allowance falling by 12,500 to 1.54 million. The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Setfords Solicitors are a national full service law firm, with employment solicitors in Godalming and across the country.