The Chancellor presented his Spring Statement to Parliament this week.
The Government suggest that there are over 3.5 million more people in work than there were in 2010 and a million fewer workless households, unemployment rates continue to decline being at 4%; their lowest in more than 4 decades. The statement sets out that these trends are expected to continue over the next few years, with employment set to increase by a further 600,000 jobs by 2023.
The statement has brought some good news for employers reaffirming a desire to invest in skills and productivity through financial support (provided the UK reach a deal over Brexit) and flexibility in the UK’s visa scheme for recruiting highly skilled individuals. Further, the £700million referred to in the autumn Budget to help small businesses take on more apprentices will become available earlier than expected from April this year.
However, not all news will be welcomed by employers. The Chancellor has suggested that later this year there will be a review of how minimum wage rates are set with a view to this influencing levels from 2020. This could, ultimately, see a significant rise in costs for employers.