Employment levels will take years to recover, says report
Despite government boasts that total employment has hit record levels, there remains a 930,000 “jobs gap” in the British economy which will still be wide open in 2018, a think-tank has said.
The Resolution Foundation reached this figure by looking at the proportion of the available adult population in work. It found a huge gap between the actual number and the number that would be required to restore employment to its level in 2008.
And using the job growth projections of the Office for Budget Responsibility, the think-tank estimates that in five years’ time, the total UK employment rate will still be below the 60.3 per cent recorded before the global financial crisis, with a jobs gap of 770,000.
At the same stage in the economic cycle following the recessions of the 1980s and 1990s, the overall employment rate had recovered.
The Office for National Statistics said total employment slipped to 29.71 million in the first quarter. Unemployment rose by 15,000 to 2.52 million.
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