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Britain’s unemployment rate has not been lower since the mid-1970s, as official figures released by the Office for National Statistics show it’s fallen to 4.0%, with 1.15 million fewer unemployed people since 2010.

The UK saw a sixth continuous month of real terms pay increases, with regular wages up by 2.9% in July, or 0.5% against CPIH inflation.

Meanwhile the employment rate remains high, at 75.5%, with over 3.3 million more people in work since 2010 and youth unemployment at a record low, falling by over 45% since 2010.

1.45 million more children are living in a home with all adults in work, and the proportion of children living in a household with no working adults has fallen by 33% in the UK since 2010, reaching a record low and taking tens of thousands of children out of poverty.

The Secretary of State for Work and Pensions, Esther McVey, said:

Since 2010 we have delivered significant growth in jobs, and in the last 6 months we’ve seen real terms wage growth.

We haven’t had a lower unemployment rate for over 40 years and I’m especially proud that youth unemployment is at a record low, falling by over 45% since 2010 – opening up career opportunities for our next generation.

In the EU we see unemployment rates over double those of the UK. This government is transforming this country into a great working nation. Ready and prepared for the future challenges after Brexit.

Minister of State for Employment Alok Sharma said:

With unemployment rate still at its lowest level in 43 years, it is good to see that for the sixth month in a row wages have grown faster than inflation helping to put more money in people’s pockets. In the last quarter regular pay is up by 2.9%, 0.5% above inflation.

Households across the country are benefiting from the security of being in work, and with increasing wages and GDP growth of 0.6% last quarter we are delivering an economy that supports working people.

We’ve taken millions out of paying income tax altogether, and by raising the National Living Wage have helped deliver the fastest pay rise for the lowest earners in 20 years.

Today’s (11 September 2018) figures also show:

• older workers also continue to find work as the number of workers aged 50 and over is at a record high of 10.25 million
• the female employment rate remains at a near record high at 71.0%
• since 2010, the vast majority of jobs have been in full-time, permanent roles
• since 2010, there has been an increase of 3.75 million in private sector jobs

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The NHS will be ready to target up to £7 billion of opportunities a year over the next decade with its world-leading healthcare expertise, thanks to a new government support service.

The Healthcare UK Export Catalyst is set to help the NHS – the world’s largest integrated health system – to access global healthcare export opportunities, with worldwide spend in the sector growing at 7% a year.

Healthcare UK has already supported NHS organisations to win export business of more than £100 million over the last 2 years.

The catalyst sets out to boost this further, and comes as the result of a pilot with NHS organisations to identify the services that would best suit them as they embark upon their export journey. The service will provide continued support, right through to finding opportunities and winning contracts.

These services include personalised support for individual NHS organisations, training courses, peer-to-peer support, online resources and contacts with the governments vast network of overseas posts.

Sir Malcolm Grant, Chairman of NHS England, said:

In my view Healthcare UK have done a great job already in raising the profile of UK healthcare services and systems overseas. Their new Export Catalyst service will further enhance the service available to NHS Trusts in developing their export capabilities, so they can reach a wide range of international markets.

In the next year, the mission will be closely focused on providing a showcase for great British healthcare services, building a strong brand across the globe and realising the amazing export potential of our world-class health system.

The announcement comes a fortnight after the Department for International Trade launched the government’s new Export Strategy, which sets an ambition to increase exports as a percentage of GDP from 30% to 35%.

NHS organisations will have tailored export support in addition to local trade advisors and DIT’s network of HM Trade Commissioners to help them boost their overseas success.

As the NHS marks it’s 70th birthday, the UK is at the forefront of research and innovation across life sciences, healthcare, medical devices and digital technologies. Our world-renowned service is rated as the number one best integrated healthcare system in the world.

In total, Healthcare UK achieved over £700 million of export wins last year, supporting more than 100 exports projects for private and public UK suppliers across 17 countries, and delivering successful outward missions to India, China and the Middle East.

In data released by the Office for National Statistics (ONS) on Monday 10 September, UK exports to the world rose by £30.9 billion – an increase of 5.2% compared to the same time last year. Other main points from the release include:

• The country’s renowned service sector continues to thrive with exports up 3.9% to a record high of £283.4 billion, increasing the service surplus to £117.1 billion
• Goods exports also rose strongly by 6.2% to £345.9 billion
• On a rolling annual basis, annual exports continue to grow faster than imports for the twelfth consecutive month, with the overall trade deficit narrowing by £13.8 billion in the year to July 2018

The news comes after the launch of the Export Strategy last month, which sets out a new ambition to increase exports as a proportion of UK GDP to 35%, making the UK one of the G7’s most successful exporters.

International Trade Secretary Dr Liam Fox MP said:

Today’s trade figures show demand for UK goods and services is continuing to grow, as overall exports rose to
£629.3billion – up 5.2% on this time last year – and the trade deficit continued to narrow by £13.8bn over the last 12 months.

As we open consultations for future trade relationships with key markets around the world, we’re seeing the UK shift towards selling more than we buy, with exports increasing faster than imports. My international economic department will continue work with companies across the country to ensure they’re making the most of global opportunities.

Separate figures released by the ONS in June showed UK exports of goods and services to non-EU countries amounted to around £344 billion in the 12 months ending March 2018, showing the worldwide demand for British goods and services remains. Exports to EU countries were around £276 billion in the same period.

Overall, exports of goods and services to non-EU countries have nearly trebled since 2000 – exports of goods and services to EU countries by comparison have nearly doubled. The UK also operates a trade surplus of more than £40 billion with non-EU countries, with this having been a deficit as recently as 2010.

In 2017, 8 of the 10 fastest growing markets for UK exports since 2010 were outside of the EU (figures include only countries with more than £1 billion in export value in 2017, and exclude Crown Dependencies and Gibraltar). Exports of services to the key non-EU markets of USA, China and Japan have all increased by more than 45% since 2010.

The UK’s current account deficit also narrowed to £79 billion in 2017, down by £24 billion from 12 months earlier. This is the narrowest deficit as a percentage of GDP since 2012.

Further information

View the latest ONS statistics on UK trade