UK Unemployment Rises to 3 Year High

The U.K. unemployment rate has risen to 4.5% from August, signalling its highest level in 3 years.

With the rise in unemployment largely due to the impact on the economy of Coronavirus restrictions, the new figures released by the Office for National Statistics (ONS) for August, come in the wake of yet another round of regional lockdown measures which were set out by the Prime Minister in a televised briefing to the nation Monday 12th October.

A full ‘lockdown’, like that seen earlier this year across the whole U.K. looks increasingly likely as the PM said it was unlikely the new imposed restrictions in regional areas would be enough to beat the virus.

These new figures have compounded already growing uncertainty for jobs and markets alike and are likely a glimpse of what the Government has termed a ‘long winter’ of further job losses. This will ultimately be worsened by the end of the furlough scheme at the end of October.

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