UK unemployment has fallen to 2.51 million, the lowest figure in nearly a year, new ONS data released in November has shown.
According to the latest Labour Market Statistics, the number of people in unemployment fell by 49,000.
Nick Palmer from the ONS told the BBC that the figures were 110,000 lower than what they were a year ago.
‘The basic message is that unemployment has continued to fall,’ he said. ‘These figures are the lowest level we’ve seen since the spring of last year.’
He partly attributed the decline in unemployment to the 71.2 percent rise in employment amongst young people between the ages of 16 and 24. Those claiming Jobseeker’s Allowance has also risen in number.
The overall employment rate has grown by 100,000 since the last quarter. In addition, part-time employment has risen to nearly record levels of 8.1 million.
Meanwhile, the Institute of Public Policy Research (IPPR) has suggested that the UK can learn from the 1990s Swedish model which saw the Northern European country’s economy move out of a three-year recession.
Key values such as lifelong learning, protecting people rather than jobs and the importance of childcare and education were central to the model.
The report, ‘Saving The Swedish Model: Learning from Sweden’s Return to Full Employment in the Late 1990s’ written by Par Nuder, the former Swedish finance minister, proposes that high unemployment can be tackled with ‘the right mix of policies and politics.’
The report said: ‘The financial crisis is global, not domestic. Interest rates are low, not high. But now, as ever, the fight against unemployment must still be linked to the challenges of our times: climate change, an ageing population and the need for men and women to combine their work and family lives.’