Hammond: Fundementals of the economy are strong

Ryan Fowler

July 20, 2016

philiphammond

Today’s employment and wage figures show that the fundamentals of the economy remains strong, Chancellor Philip Hammond (pictured) has said. 

The figures show that the unemployment rate fell to 4.9% in the three months ending May and is now at the lowest level since 2005. Earnings also increase by 2.3% whilst the number of people in employment rose by 176,000 to 31.7m.

The Chancellor said: “The fundamentals of the British economy are strong.

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“In the months before the referendum, employment in the UK reached a new record high, unemployment fell to its lowest in a decade and wages continued to rise.

“As the economy adjusts to the effect of the referendum decision, it is doing so from a position of economic strength.

“While the decision to leave the European Union marks the beginning of a new phase for our economy, the message we take to the world is this: our country remains open for business and we are the same outward-looking, globally-minded, big-thinking country we have always been.”