Britain’s unemployment rate rose to 4.3 percent in the three months to the end of July, as wage growth hit a record high, official data showed on Tuesday.
The Office for National Statistics (ONS) released a statement on Tuesday revealing that the unemployment rate in the UK stood at 4.2% at the end of June.
Average earnings growth, excluding bonuses, was 7.8 percent in the three months to the end of July, the highest annual growth rate since comparable records began in 2001, according to the ONS.
Finance Minister Jeremy Hunt said in response to the record that “wage growth has held up, partly reflecting lump-sum payments to public sector workers, but we need to halve inflation to sustain real wage growth.” You should stick to your plan.”
Additionally, UK Prime Minister Rishi Singh said at the start of 2023 that he hopes to halve UK annual inflation when the level remains above 10%.
However, despite the prime minister’s grand ambitions, it remains at 6.8 percent, the highest among G7 countries.
“Labor market tightness continued to ease in July,” noted Ashley Webb, UK economist at Capital Economics Research Group.
“But… a rise in wages will only add to the Bank of England’s anxiety and supports our view that the Bank will once again raise interest rates, from the current peak of 5.25% to 5.5%. “In its regular policy meeting next week.
