George Osborne declared Britain had reached a ‘ massive moment ’ after new figures revealed there have never been more people in work . The Chancellor said 73.3 per cent of working-age people were employed – the highest rate since records began in 1971 . The Government said the UK had enjoyed the fastest growth in employment of any major economy in the world over the past year . Scroll down for video . Chancellor George Osborne , who has said that 73.3 per cent of working age people are now in employment . The jobless total is 1.86million , the lowest since the summer of 2008 and almost half a million down on a year ago . The unemployment rate is 5.7 per cent , compared to a European Union average of 9.8 per cent . Mr Osborne said 1,000 more people had found employment every day since the Coalition came to power in 2010 , with a record 30.94million people now working . The proportion of people claiming Jobseeker ’ s Allowance has also fallen to its lowest level for 40 years , according to the Office for National Statistics . Addressing MPs yesterday , Mr Osborne boasted : ‘ The evidence is plain to see . Britain is working again. ’ Work and Pensions Secretary Iain Duncan Smith , who hailed the 'remarkable ' employment figures . The Chancellor said it had been a ‘ truly national recovery ’ , with more cities in the North and the Midlands feeling the benefits of the UK ’ s economic growth . He added : ‘ Where is employment growing fastest ? The North West . Where is a job being created every ten minutes ? The Midlands . And which county has created more jobs than the whole of France ? The great county of Yorkshire . ‘ We are getting the whole of Britain back to work. ’ Forecasts published by the independent Office for Budget Responsibility yesterday showed the number of people in employment would rise by another million by 2019 . It also predicted the UK ’ s unemployment rate will fall from the current 5.3 per cent to 5.2 per cent next year , returning to 5.3 per cent until 2019 . Meanwhile , the ONS revealed that annual growth in private sector employment was five times the size of the fall in the public sector . This challenges claims by Labour that the private sector would not be able to compensate for the number of people made redundant by the State as a result of spending cuts . Public sector employment fell by 140,000 last year to 5.4million , the lowest level since records began in 1999 and a fall of almost a million since its peak in late 2009 . But employment in the private sector hit a record high of 25.5million , after rising by 757,000 in just one year . Work and Pensions Secretary Iain Duncan Smith said : ‘ This is a remarkable set of figures , which underlines this Government ’ s success in backing businesses to create jobs , and supporting British people to seize those opportunities . ‘ As a country we should be proud that there are now record numbers of people in work , record numbers of job vacancies available , and the lowest unemployment rate since 2008 . ‘ For every single day that this Government has been in power we have seen an average of 1,000 more people in work. ’ Prime Minister David Cameron said : ‘ The highest employment rate in our history is not a dry fact . ‘ It means more people with the security of a pay packet and a brighter future. ’ Nick Clegg may have praised the Liberal Democrats ’ contribution to the Budget – but last night his party was preparing its own rival offering , writes Tamara Cohen . In a highly unusual move , Treasury chief Danny Alexander will today address the House of Commons to outline Lib Dem economic plans . He will even have his own yellow Budget Box , which will later be handed over to a party donor who paid £1,500 for it at an auction during the spring conference last weekend . Lib Dem leader and Deputy Prime Minister Nick Clegg , takes in yesterday 's budget in the House of Commons . Treasury chief Danny Alexander will today address the House of Commons to outline Lib Dem economic plans . After skipping last year ’ s Autumn Statement , Mr Clegg made sure he was on the front bench to hear the good news in the Budget yesterday , but was spotted fiddling with his phone and pulling a series of faces . He has insisted it was a ‘ Coalition Budget ’ . But the Chief Secretary to the Treasury will say today that while his party supports the plans for this year , after 2016 it would diverge from them dramatically . In a speech some Labour and Tory MPs are likely to see as a misuse of Government time , Mr Alexander will propose more borrowing for infrastructure . He is expected to accuse the Tories of making ‘ cuts for cuts ’ sake ’ – and Labour of planning a spending spree if they win office . The Lib Dems want to increase the personal tax allowance to £12,500 , add more council tax bands for expensive homes , and raise capital gains tax for the wealthiest . A senior Lib Dem said : ‘ Our spending plans post 2015-16 differ from the Tories in a number of key areas . We agree on the need to balance the current budget by 2017-18 , but they are talking about running a surplus by carrying on cutting after that . ’
Chancellor George Osborne says 73.3 % of work age people are employed . Declared it was a 'massive moment ' and highest rate since records began . The jobless total is now 1.86million , the lowest since the summer of 2008 . Proportion of people on Jobseeker 's Allowance at lowest level for 40 years .