Connect with us

Hi, what are you looking for?

Investing

UK unemployment rate rises to 5.1%

Covid job losses

The rate of unemployment in the UK rose to 5.1% in the three months to December, official figures show.

The Office for National Statistics said 1.74 million people were unemployed in the October to December period, up 454,000 from the same quarter in 2019.

The figures show 726,000 fewer people are currently in payrolled employment than before the start of the pandemic.

Almost three-fifths of this fall, 425,000, has come from those aged under-25.

However, the ONS said that there were some “tentative early signs” of the labour market stabilising. There was a small increase in the numbers of employees paid through payroll over the past couple of months.

In January 2021, 83,000 more people were in payrolled employment when compared with the previous month.

“Our survey shows that the unemployment rate has had the biggest annual rise since the financial crisis,” said Jonathan Athow, ONS deputy national statistician for economic statistics.

“However, the proportion of people who are neither working nor looking for work has stabilised after rising sharply at the start of the pandemic, with many people who lost their jobs early on having now started looking for work.”

Despite this, Mr Athow told the BBC that the true underlying picture was not yet clear due to the high number of people still on furlough.

He said figures from early February suggested that about six million people were currently furloughed, adding: “There is a huge amount of uncertainty about what will happen to them when that scheme ends.”

The Chancellor, Rishi Sunak, is preparing for next week’s Budget, which is expected to set out further plans to help the labour market.

“I know how incredibly tough the past year has been for everyone, and every job lost is a personal tragedy,” Mr Sunak said.

“At the Budget next week I will set out the next stage of our Plan for Jobs, and the support we’ll provide through the remainder of the pandemic and our recovery.”

Read more:
UK unemployment rate rises to 5.1%

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

British Airways has begun cancelling flights to America over concerns signals from 5G mobile phone masts could endanger the lives of passengers. The UK...

Investing

The unstoppable rise of the online marketplace model – operated by the likes of Amazon, Expedia and eBay – is driving the largest fundamental...

Investing

Boris Johnson has declared the end of coronavirus restrictions today as officials step up plans for post-pandemic Britain. Working-from-home guidance and Covid passes will...

Investing

Social media stars including Jodie Marsh and five ex-Love Islanders including Francesca Allen are to be subjected to a name and shame Instagram campaign...

Investing

Private details of hundreds of debit and credit cards in the UK are being leaked on the dark web every week for as little...

Investing

Inflation has risen to its highest level in nearly three decades because of a spike in the cost of a range of goods and...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.