UK Suffering Worsens, Unemployment Rate Soar

 Unemployment in the UK has risen at the fastest rate since the financial crisis as more people lost their jobs due to the coronavirus pandemic which has affected the economy.

The National Statistics Office (ONS) reported that the unemployment rate jumped to 4.5% in the three months from June to August, from 4.1% previously recorded and exceeding market expectations for a 4.3% increase.

This is the highest unemployment rate ever recorded since May 2017, with the number of employees working decreasing by 153,000 people during the period.

In addition, data from the ONS also showed layoffs jumped by 114,000 to 227,000, the highest level since 2009 when the UK experienced a global financial crisis.

With more job losses expected in the coming months, it will certainly increase the pressure on the government and the Bank of England (BOE) to take more steps to support the economy.

UK Finance Minister Rishi Sunak says his priority now was to slow down the increase in the number of job losses by introducing more employment assistance schemes for the people affected.

However, he acknowledged that not all jobs could be saved with these aids.