Unemployment like it’s 1997

Britain is working its way back up to the top –  so much so that the Bank of England is on the brink of raising interest rates, leading MP George Osborne to believe that their “long-term economic plan is working” The unemployment rate is currently 7.1% – just 1% off the figure at which the Bank of England said they would consider raising interest rates by 0.5% – something that may happen late 2014 or even 2015.

Although there are still around 13,000 people living in poverty in the UK, Prime Minister David Cameron stated that statistics show “youth unemployment coming down, long-term unemployment coming down, the claimant count coming down”. 280,000 people have found their way into work, which not only benefits the individual and their respective families, but also Britain’s economy and the value of the pound; Average wages do however mean that the average family is around £1,600 a year worse off than in 2010.

We’re yet to see the effects of these figures, and also yet to see whether the Bank of England sticks to the rates stated or backtracks as speculated by certain media – but good news is good news, and there more people in work the better.

Source: http://www.bbc.co.uk/news/business-25841570,