UK Economic Recovery Signals

Unemployment fall signals UK economic recovery…

Latest statistics for the Eastern region mirror the national trend of falling unemployment as the economic recovery gathers pace.

Data published by the Office for National Statistics (ONS) showed that unemployment figures for the 12 months to October fell from 22,247 to 17,671 in the nine Norfolk political constituencies, plus North East Cambridgeshire and Waveney.

“Businesses in Norfolk and Suffolk continue to lead the way out of the recession – in recent weeks we have seen a steady rise in enquiries from clients looking for support to grow and recruit new staff,” explained Tina Maguire, associate director of Norwich-based accountancy recruitment specialists, Big Sky Additions.

Richard Tunnicliffe, the Confederation of British Industry (CBI) director for the East of England, said: “Further signs of recovery can clearly be seen in these jobs figures. Unemployment is falling faster and businesses have taken on 124,000 more employees in full-time work. It is really pleasing to see the East of England benefiting from such strong job creation.”

Across the UK, the national unemployment rate fell by 0.2% to 7.6%.

In the wake of the latest figures, Bank of England governor Mark Carney said the UK recovery had “taken hold” and unemployment will fall to the magic 7% threshold sooner than bankers had initially suggested. Mr Carney has previously said that the Bank of England will not consider raising interest rates until the jobless rate falls to 7% or beyond.

Youth unemployment figures are falling slowly – the national youth unemployment rate (16-24 year olds) is 21%. Employment minister Esther McVey visited Norwich this week to highlight the work of the Norwich for Jobs campaign started by Norwich North MP Chloe Smith to tackle the specific issue of youth unemployment. After meeting employers, young people and Job Centre representatives in the city, the minister said: “It is absolutely terrific what Chloe is doing in bringing the component parts together: employers, young people who want jobs and Job Centre Plus. This campaign is about connecting people and it is a win-win.”

For support with your recruitment of accountancy staff in Norwich contact Tina Maguire on 01603 516280.