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LONDON: Britain’s unemployment rate remained unchanged at 4.7 percent in the three months to June, marking a four-year high.
The Office for National Statistics confirmed the figure matched the previous quarter’s rate, the highest since June 2021.
A business tax hike introduced in April under the Labour government’s budget has contributed to hiring slowdowns.
US President Donald Trump’s 10 percent tariff on UK goods, also effective from April, has added to economic pressures.
“The latest figures point to a continued cooling of the labour market,“ said ONS director Liz McKeown.
Payroll employment has declined in ten of the past twelve months, particularly in hospitality and retail sectors.
Wage growth excluding bonuses remained steady despite persistent inflationary pressures.
Job vacancies dropped by 44,000 to 718,000 in the three months to July, the lowest since April 2021.
“Some firms may not be recruiting new workers or replacing leavers,“ the ONS noted.
Economic adviser Joe Nellis linked the hiring slump to higher employer costs and global trade uncertainties.
The Bank of England recently cut interest rates to 4 percent to stimulate the struggling economy.
Analysts suggest another rate cut in December is more likely than November. – AFP
in 1000-1500 words .Organize the content with appropriate headings and subheadings (h1, h2, h3, h4, h5, h6), Retain any existing tags from
LONDON: Britain’s unemployment rate remained unchanged at 4.7 percent in the three months to June, marking a four-year high.
The Office for National Statistics confirmed the figure matched the previous quarter’s rate, the highest since June 2021.
A business tax hike introduced in April under the Labour government’s budget has contributed to hiring slowdowns.
US President Donald Trump’s 10 percent tariff on UK goods, also effective from April, has added to economic pressures.
“The latest figures point to a continued cooling of the labour market,“ said ONS director Liz McKeown.
Payroll employment has declined in ten of the past twelve months, particularly in hospitality and retail sectors.
Wage growth excluding bonuses remained steady despite persistent inflationary pressures.
Job vacancies dropped by 44,000 to 718,000 in the three months to July, the lowest since April 2021.
“Some firms may not be recruiting new workers or replacing leavers,“ the ONS noted.
Economic adviser Joe Nellis linked the hiring slump to higher employer costs and global trade uncertainties.
The Bank of England recently cut interest rates to 4 percent to stimulate the struggling economy.
Analysts suggest another rate cut in December is more likely than November. – AFP
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