Latest employment figures show that South West Devon continues to have one of the lowest unemployment rates in the country. Only 1% of the whole working population in the constituency are currently unemployed - this places South West Devon within the top 50 constituencies for the level of people in work.
Let’s not forget that this is close to full employment. In addition, local employers are reporting that they are struggling to fill jobs with suitably qualified staff so if you’re looking for work locally, there are plenty of opportunities to find employment and benefit from the increases to wages outlined below.
For those in work, as we head into the new financial year in April, the tax-free allowance for those in work and paying tax increases from £11,500 to £11,850 making an impact on the take home pay of most of us. We are also raising the National Living Wage from £7.50 an hour to £7.83 per hour. This additional amount equates to a £600 annual pay rise for those working full time on this basic pay level. Local people are earning more, and keeping more of their money.
Work where possible is vital. It puts food on the table and provides security for individuals and families. I’m encouraged that those living in my constituency are in a position to benefit from high employment and a buoyant local job market. I look forward to seeing even more local people in work as local employers and those looking for work connect and fill vacancies.