It can only be good news for landlords as official figures out this week show that the employment rate is at 75.4%, up 0.8 percentage points from its high of 74.6% one year ago, and the highest since records began.
In addition this week, the good economic news for Great Britain continues with the Pound hitting its highest level since the Brexit vote.
The pound surged to $1.3691 last Friday (Friday 13th April), its highest level since the result of the EU referendum in June 2016, and the improvement has continued since.
With a weakened dollar due to war worries, but increasing optimism for a good Brexit deal for Britain, with reports that Spain and the Netherlands are willing to back a soft Brexit deal, the Pound has strengthened against other currencies as well.
Figures just released by the Office for National Statistics (ONS) show that 427,000 more people were moved into work in the last year, with a record 32.26 million of the population employed. On average, the ONS figures show, around 1,000 people have entered gainful employment every day since 2010.
The unemployment rate, which is impossible to go to zero, now at 4.2%, has not been lower since 1975, and the number of people out of work is down by 136,000 compared to a year ago.
In addition, another positive sign for landlords, and as revealed by the ONS, wages are now outpacing inflation.
The Secretary of State for Work and Pensions, Esther McVey, credits the success of the government’s employment policies as partly down to improvements in the welfare system with Universal Credit, which she claims is helping people move into work faster and to stay in work longer than under the old system.©LandlordZONE® – legal content applies primarily to England and is not a definitive statement of the law, always seek professional advice.