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.
“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.”