Immediate measures needed to address unemployment – Chamber

Businesses will be looking to the Chancellor’s upcoming Autumn Statement for immediate measures to address unemployment, business leaders said today.

The West Midlands labour market was largely unchanged in the last quarter, according to new figures released today by the Office for National Statistics (ONS).

But unemployment in the region remains high at 5.3 per cent (compared to 4.2 per cent nationally) and Greater Birmingham Chambers of Commerce said many local firms are still struggling to access the skilled talent required to fulfil orders and grow.

The West Midlands employment rate also remained largely unchanged on the quarter at 75.1 per cent, while the economic activity rate stayed at 20.7 per cent.

In the August to October 2023 period, the estimated number of vacancies in the UK fell by 58,000 on the quarter to 957,000.

This represents a fall on the quarter for the 16th consecutive period, with vacancies dropping in 16 of the 18 industry sectors. 

Emily Stubbs (pictured), senior policy and projects manager at Greater Birmingham Chambers of Commerce, said: “Whilst the composition of the West Midlands labour market remains broadly unchanged, many local residents remain unable to access employment opportunities and many local firms struggle to access the skilled talent they need to fulfil existing orders and grow, exacerbating ongoing cost pressures. 

“With little substance on skills in the King’s Speech, businesses will be looking to Chancellor’s upcoming Autumn statement for immediate measures to address unemployment – which remains historically high in the West Midlands – encourage investment and drive economic growth. 

“The Chamber’s latest Quarterly Business Report, launching next week, will present the latest insights on recruitment difficulties and cost pressures across Greater Birmingham, the impact these are having on local businesses, and opportunities for business growth, including those associated with exporting to global markets.” 

Register your place at the Quarterly Business Report launch for Q3 2023.