Unemployment In The UK Is At Its Peak For The First Time Since 2016

Unemployment in the UK was announced as 5.1 percent in the fourth quarter of 2020.

Unemployment in the UK is at its peak for the first time since 2016. The unemployment rate in the country reached its highest level in about 5 years with the effect of the increase in coronavirus cases in the last quarter of 2020. According to current data shared by the Statistics Office, the unemployment rate in the country climbed to 5.1 percent. This figure was recorded as the highest level seen since 2016. The number of employees fell by 114 thousand. The number of job seekers increased by 121 thousand compared to the third quarter. After the negative data, attention was turned to Prime Minister Boris Johnson, who said that the necessary things will be done for companies and employees affected by the coronavirus outbreak. The Bank of England expects the unemployment rate to rise to the highest level of 7.8 percent in the third quarter of 2021. This estimate means that the number of unemployed will increase from 1.7 million by the end of 2020 to about 2.7 million. British Finance Minister Rishi Sunak stated that there are plans to support the employment market in the budget to be announced next week.