UK Unemployment Rate Increases – Official Report
UK unemployment has sprung up to 3.7 per cent, official data revealed on Tuesday.
Reacting to the data and addressing strikers who are demanding big pay rises, finance minister Jeremy Hunt said that “any action that risks embedding high prices into our economy will only prolong the pain for everyone, and stunt any prospect of long-term economic growth.”
He added, “While unemployment in the UK remains close to historic lows, high inflation continues to plague economies around the world.”
UK annual inflation stands at more than 11 percent, the highest level in four decades, after energy bills and food prices have increased.
“With the (UK) economy likely already in recession, we expect unemployment to start trending upwards from the first half of next year,” noted Yael Selfin, chief economist at KPMG UK.
“Our forecast sees the unemployment rate reaching 5.6 percent by mid-2024, representing an increase of around 670,000 people.”
