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Private school pupils 'earn £200,000 more'

Children educated at private school are likely to earn almost £200,000 more over the course of their career than their counterparts in the state system, new research suggests.

Pupils from schools such as Eton will go on to earn significantly more than those educated at state school. Credit: David Parker/PA Archive/Press Association Images

A study by the Social Market Foundation found that between the ages of 26 and 42 a privately educated person will earn approximately £193,700 more on average than someone who went to state school.

The difference means an average private school pupil will earn 43% more than their state school peers by the age of 34, although this falls slightly to 34% by the aged of 42.

Labour: Employees 'over £1,600 a year worse off'

A fall in the number of people unemployed is welcome, but people are now "worse off than when David Cameron came to office," says Shadow work and pensions secretary Rachel Reeves.

The comments come as the Office for National Statistics released its latest figures on UK unemployment numbers.

While this fall in overall unemployment is welcome, working people are over £1,600 a year worse off than when David Cameron came to office and pay has fallen behind inflation.

Thousands of people who work hard are struggling to make ends meet because of the Government's failure to tackle the cost-of-living crisis and make work pay.

– Shadow work and pensions secretary Rachel Reeves

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TUC: Worrying that 'pay-packets have nosedived'

Despite climbing figures in those in employment "workers are still not getting pay rises" says the general secretary of the Trade Union Council, Frances O'Grady.

The General Secretary of the TUC has said pay-packets have nosedived Credit: Dominic Lipinski/PA Wire

He said: "Pay packets have nosedived since the Government prematurely declared an end to Britain's cost-of-living crisis last month.

"It's great that more people are joining the workforce but hugely worrying that workers are still not getting the decent pay rises they need to get by."

The comments come as the Office for National Statistics released its latest figures on UK employment numbers.

Esther McVey: Businesses 'feeling more confident'

Employment minister Esther McVey has welcomed the latest figures on employment by the Office for National Statistics:

As we build a stronger economy, businesses up and down the country are feeling increasingly confident about creating jobs

Many thousands more people are in work every day - ensuring a better future for them, their families, and for the country as a whole.

– Esther McVey

Unemployment '500k higher' than before financial crisis

Unemployment numbers have fallen by 347,000 from a year ago, but those still out of work is estimated at "around 500,000 higher" than before the financial crisis.

ITV News Business Editor Joel Hills reports:

Unemployment numbers fell by 161,000 between February and April to 2.16 million, official figures by the Office for National Statistics showed today.

Cameron: 'Record rise in employment' after latest figures

Prime Minister David Cameron has tweeted that more people will have a "brighter future" after employment numbers were released by the Office for National Statistics:

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Average earnings slows despite record employment

The average earnings for employees has increased by 0.7% in the year to April, meaning the growth of workers pay has slowed 1.7% in the previous month, the Office for National Statistics have said.

This slowdown in total pay was largely accounted for by bonuses, which fell sharply in recent months as tax changes were introduced.

Workers earnings have slowed down by 1.7%. Credit: Anthony Devlin/PA

Record high of over 30.4 million people in work

The number of people in work is now more than 30.4 million people - which is the highest since records began in 1971.

The number of people out of work is falling. Credit: PA

There was a further fall in unemployment today which was fuelled by a record high of 4.5 million people who are self-employed.

The number of people working for themselves jumped by 183,000 from January to March, compared with a rise of 375,000 over the past year.

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