Jobless rate hits highest since post-pandemic in blow to Reeves before Budget
UK unemployment rate rises to highest level in four years
- Britain's unemployment rate rose to 5% in the three months to September, marking its highest level in nearly five years and exceeding forecasts.
- Average regular wage growth also slowed to 4.6% during the same period, the lowest since April 2022, indicating a weakened labour market.
- The number of workers on UK payrolls decreased by 32,000 in October, following a similar drop the previous month.
- The Office for National Statistics confirmed these figures collectively point to a weakening labour market, with falling payroll numbers and a rising unemployment rate.
- Economists suggest the data could prompt the Bank of England to consider an interest rate cut in December, while the TUC urged the government to prioritise living standards and jobs in the upcoming Budget.