US EditionUnemployment rate jumps to highest level since late 2020 ahead of budget
- The Office for National Statistics reported UK unemployment rose to 5% in the three months to September, the highest since late 2020 and up from 4.8% last month ahead of Chancellor Rachel Reeves's budget.
- It was April when measures from Ms Reeves's April budget—including minimum pay hikes and employer national insurance contributions—weighed on hiring amid Brexit and US trade war pressures.
- HMRC experimental data showed a 32,000 decline in payrolled employment during October, while nearly 1.7m people claim unemployment benefits and average wage growth slowed to 4.6% in the third quarter.
- The chancellor's second budget is in focus as Pat McFadden said, 'Over 329,000 more people have moved into work this year already, but today's figures are exactly why we're stepping up our plan to get Britain working.'
- Liz McKeown, director of economic statistics for the ONS, warned 'Taken together, these figures point to a weakening labour market', and slower private‑sector wage growth should bolster the case for a Bank of England rate cut next month.
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80 Articles
December Rate Cut Looms as Jobless Rate Returns to COVID-19 Level
The Bank of England (BoE) held its key interest rate steady at 4% in November but is expected to reconsider its stance next month. Recent data from the Office for National Statistics (ONS) revealed that the unemployment rate increased to 5% in the three months to September 2025 — a level close to the peak during the COVID-19 pandemic.Sticky Inflation and Rate HikesThe central bank believes inflation has peaked, with a rate of 3.8% recorded in Ju…
UK jobless rate at highest level in four years
The UK’s unemployment rate has crept up to 5%, the highest level in more than four years, according to the latest figures from the Office for National Statistics (ONS). It’s a worrying sign for Britain’s economy, with experts warning that the job market is cooling fast. The data covers the three months to the end of September and shows around 180,000 fewer people on company payrolls compared to… Source
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