UK Unemployment Rises to Highest in Over Four Years
The United Kingdom’s unemployment rate has climbed to its highest level in more than four years, adding pressure to the economy ahead of the government’s upcoming budget announcement. According to figures released on Tuesday by the Office for National Statistics (ONS), the unemployment rate rose to 4.8 percent in the three months to the end of August — the highest since early 2021. This marks a slight increase from 4.7 percent recorded in the previous three-month period ending in July. The rise in unemployment comes as Britain faces sluggish economic growth and persistently high inflation, roughly six weeks before the Labour government unveils its next tax and spending plans. Richard Carter, an analyst at investment manager Quilter Cheviot, said the latest figures highlight growing weakness in the job market.“The latest statistics show some significant cracks are forming in the UK […]