Looking Ahead to the Spring Budget – Employment Figures (March 2023)
Date published:
The ONS employment figures released today show a slight upturn in employment regionally, outperforming national employment growth. With that being said, regional gaps remain.
Between November 2022 and January 2023, the unemployment rate in the North East for those aged 16+ was 0.4% higher than the national average. Similarly, the economic inactivity rate for people aged 16-64 in the North East remained higher than the national average, by 3.6%. The region’s employment rate for those aged 16-64 was 3.9% lower than the national average.
Compared to the previous quarter, in the North East, the employment rate has improved by 0.6%. Economic inactivity has also improved by 0.3%, as has the unemployment rate, by 0.6%.
When you consider the significant investments in the region that will create more jobs, in the long term we hope that they can drive a real shift in momentum for employment in the North East. Already this year we’ve had the positive news of FulwellCain Studio’s plans to create 8,000 jobs in filmmaking, amongst other critical private sector investments.
What’s now important is that we can match the right skills to vacancies in the area, to ensure that employment is fulfilling and long term. Looking ahead to Chancellor Hunt’s Spring Budget tomorrow, it will be crucial that people are not just encouraged back into work, but are also supported adequately in doing so. This means addressing challenges such as childcare, health inequalities and training; which we called for in our budget submission at the start of the year.
With everything going on in our region – be it devolution or private investment – there’s a clear appetite for ambition in the North East. It’s critical that our regional ambitions are matched by policies designed to support people back into work.
Notes
Data published by the ONS shows between November 2022 and January 2023, the unemployment rate in the UK for ages 16+ was 3.7%. In the North East this was higher, at 4.1%.
The UK’s employment rate for ages 16-64 was 75.7%. In the North East this was lower, at 71.8%.
The UK’s economic inactivity rate for ages 16-64 was 21.3%. In the North East this was higher, at 24.9%.