Unemployment Rate Drops to Lowest Level Since ‘70s

Britain is in the middle of an employment boom, with fewer people out of jobs now than during the last 40 years.

According to official figures by the Office for National Statistics (ONS), the unemployment rate for the UK has dropped to four per cent – the lowest it has been since the mid-1970s.

There have been 1.15 million fewer unemployed people since 2010, with youth unemployment dropping by 45 per cent over the last eight years to a record low.

Esther McVey, the secretary of state for work and pensions, noted that career opportunities are opening up for the next generation and unemployment rates in the European Union are more than double the UK’s.

“This government is transforming this country into a great working nation,” Ms McVey went on to say.

As a result of fewer people being out of work, the employment rate has reached a record high of 75.5 per cent. More than 3.3 million people have found jobs since 2010, helping to support this impressive rate of employment.

Indeed, there could be greater demand for Liverpool office space in the future if employment figures continue to rise.

Self-employed people looking for somewhere to set up their business will be competing against established firms for office space, with sole traders making up an impressive 15 per cent of the workforce.

It is not just younger people that are finding it easier to get work, as the number of employees over the age of 50 is currently at a record high of 10.25 million.

Furthermore, female employment rate is also heading towards breaking a record, with 71 per cent of women in a job.