UK JOBS MIRACLE

Youth jobless hits record low Vacancies at all-time high More than 10m over-50s in work

A RECORD number of older workers are fuelling Britain’s jobs boom, official figures showed yesterday.

More than 10 million people over the age of 50 are in employment, according to Office for National Statistics.

The biggest increase in employment has come among women aged over 65 – a record 514,000 now have a job, double the number a decade ago.

But the jobs miracle has also been driven by a fall in youth unemployment to 11.3 per cent – the joint lowest figure since records started in 1992.

In total, 488,000 16 to 24-year- olds are out of work and looking for a job, down 40,000 on a year earlier and a drop of more than 45 per cent since the Tories took power in 2010.

Suren Thiru, head of economics at the British Chambers of Commerce, said: ‘The continued drop in unemployment and strong employment levels are further evidence that the UK jobs market remains a bright spot.’

Meanwhile, the number of job vacancies has also hit a record high – suggesting that demand for extra staff remains strong and jobs growth is likely to continue. David Freeman of the Office for National Statistics said: ‘The labour market remains robust, with the number of people working still at historically high levels, unemployment down on the year and a record number of vacancies.’

Two years after the Brexit vote, and despite predictions of a recession, the unemployment rate stands at 4 per cent – the joint lowest for 43 years.

There were 1.36 million unemployed people in the three months to July – 95,000 fewer than for a year earlier and down 1.15 million under the Conservatives.

The jobless rate is less than half that of the eurozone, which was deeply scarred by the financial crisis and has since suffered a decade of stagnation. Unemployment in the bloc stands at 8.2 per cent – the highest in the developed world, according to figures from The Organisation for Economic Co- operation and Development (OECD).

Work and Pensions Secretary Esther McVey said: ‘Since 2010 we have delivered significant growth in jobs, and in the last six months we’ve seen real terms wage growth.

‘We haven’t had a lower unemployment rate for over 40 years and I’m especially proud that youth unemployment is at a record low.

‘In the EU, we see unemployment rates over double those of the UK. This Government is transforming this country into a great working nation.’

The jobs figures come after robust signs of economic growth earlier in the week, when it was revealed that the economy grew by 0.6 per cent in the three months to July.

This was its best performance since the end of 2016 and suggests the country is heading towards Brexit in robust shape.

The trade deficit also narrowed in July as exporters increased the amount they sell to countries outside the European Union.

But despite the solid figures, the jump in older women still in work is likely to concern ministers. Experts fear that higher life expectancy, worse pensions and a rising state pension age are all forcing women to stay in their jobs when they would rather retire.

Britain has the worst state pension of any developed country, according to the OECD, while women are being hit by successive hikes to the age at which they can take a state pension.

It increased from 63 to match men at 65 this year, and will hit 66 for both by 2020.

Government actuaries expect this to rise to 70 in the 2050s, and 71 by the 2060s.

The employment rate – which measures the proportion of 16 to 64-year-olds who have a job – was 75.5 per cent, slightly lower than the 75.6 per cent seen for February to April 2018.

‘This remains a bright spot’