More jobs for Northamptonshire workers but fears grow over rising bills sparking cost of living crisis

More than 8,500 extra are on company payrolls compared to before Covid pandemic
Unemployment has fallen in the region but wages are failing to keep pace with inflationUnemployment has fallen in the region but wages are failing to keep pace with inflation
Unemployment has fallen in the region but wages are failing to keep pace with inflation

An extra 8,500 workers were on company payrolls in Northampton last month than before the coronavirus pandemic, new figures show.

But it comes as official figures show employees across the UK have seen the steepest fall in real wages for more than seven years, after earnings failed to keep up with price hikes.

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Office for National Statistics figures showed a total of 378,655 on company payrolls county-wide in February 2022 — over 14,000 more than in the previous month and 8,590 over the figure for two years ago.

■ In Northampton, 118,084 people were on company payrolls in February, up from 116,131 before the pandemic in February 2020 and 3,766 more than in the same month last year.

■ In Kettering, 50,137 were on company payrolls, up from 48,391 in February 2020 and 2,276 more than last year.

■ In Corby, 39,107 were on company payrolls, up from 38,311 in February 2020 and 1,102 more than last year.

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■ In Wellingborough, 39,821 were on company payrolls, up from 39,234 in February 2020 and 1,345 more than last year.

■ In East Northamptonshire, 44,034 were on company payrolls, up from 42,974 in February 2020 and 2,123 more than last year.

■ In South Northants, 46,270 were on company payrolls, up from 44,921 in February 2020 and 2,136 more than last year.

■ In Daventry, 41,202 were on company payrolls, up from 40,103 in February 2020 and 1,473 more than last year.

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The number of workers on UK payrolls increased by 275,000 month-on-month, to 29.7 million while different ONS figures showed average earnings rose by 3.8 percent in the three months to January.

But record inflation meant they still fell by one percent in real terms – even before massive rises set to hit energy bills from April.

Chancellor Rishi Sunak acknowledged concerns over the rising cost of living ahead of his spring statement on Wednesday (March 23), but said the labour market is in a strong position.

Mr Sunak said: "Thanks to the unprecedented economic support we've provided, we've now seen a year of falling unemployment.

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"I am confident that our labour market is in a good position to deal with the current global challenges, with payrolled employee numbers above pre-pandemic levels and redundancies at record lows."

While rising costs have seen real wages fall, the UK unemployment rate fell to 3.9 percent in the three months to January while vacancies increased nationally by 105,000, to 1.3 million in the three months to February.

Yet, the Government has faced criticism over the level of support offered.

TUC general secretary Frances O'Grady said: "We need a plan to get wages rising in all jobs, a boost to Universal Credit, and a windfall tax on oil and gas profits – with the money raised going to energy grants for hard-pressed families."

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Danni Hewson, financial analyst at stockbroker AJ Bell, added: "It doesn’t matter that a record number of people are now on UK payrolls or that there is still a record number of job vacancies, people in work are feeling the pinch and it’s going to get worse."