LONDON: UK unemployment rose back to four percent in the three months to the end of May, official data showed Tuesday (Jul 11), as the economy struggles with stubbornly-high inflation. The unemployment rate increased from 3.8 per cent in the three months to the end of April, the Office for National Statist
LONDON: UK unemployment rose back to four percent in the three months to the end of May, official data showed Tuesday , as the economy struggles with stubbornly-high inflation.
Despite the rise, finance minister Jeremy Hunt said Britain's"jobs market is strong with unemployment low by historical standards"."Due to high inflation, however, the real value of weekly earnings are still falling, although now at its slowest rate since the end of 2021," noted Darren Morgan, director of economic statistics at the ONS.
The ONS revealed that average regular pay, not including bonuses, was 7.3 per cent higher in the three months to May compared with the same period one year earlier. Speaking Monday, Bailey said it was"crucial" the BoE met its"mandate to return inflation to its target, and provide the environment of price stability in which the UK economy can thrive".The average two-year fixed rate mortgage hit a 15-year peak of 6.66 per cent on Tuesday, according to data provider Moneyfacts.
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