Responding to the latest ONS unemployment data, Nick Bowes, Chief Executive Centre for London said:
“The fall in numbers of people out of work in London is welcome news, but this mustn’t mask the fact that the unemployment rate is still second highest of any region in the UK, demonstrating the city’s own levelling up challenges. There are more vacancies than people looking for work, making for a turbulent labour market and difficulties with staff retention.
Wages are increasing, but the rising cost of living eats away at most of those increases – something felt particularly hard in London as it has the highest poverty rate in the country, leading to a real squeeze on people’s incomes. The pressure on the Government to do more to help Londoners on the sharp end of the cost of living increases, particularly those on the lowest incomes, is likely to continue building.”ENDS