Tue 17 May 2022:
According to government figures, UK unemployment hit a new low, even as wages continued to decline due to rising inflation.
Even while job vacancies hit 1.3 million in April, the employment rate in the UK remained below pre-pandemic levels, according to the latest government figures.
Even as businesses struggle to fill positions following the lockdown, Britain’s unemployment rate fell to its lowest level since 1974. At least half a million people have “disengaged from the labor market,” according to data.
The government data showed regular earnings have been declining in “real terms” as Britain battles a disengaged labour market. The UK is also facing a shortage of workers amid the pandemic with people leaving the labour market.
There has been pressure on the Bank of England to increase interest rates. The pound surged against the dollar on Tuesday as the UK jobs data was released. The Steling rose 1.2 per cent to $1.2468.
Prime Minister Boris Johnson has previously stated that government employment would be reduced, with sources claiming that up to 91,000 civil service jobs might be eliminated in a cost-cutting effort.
Even while the UK government seeks to ensure individuals execute their roles efficiently, Rees-Mogg, the minister for Brexit opportunities and government efficiency, stated that up to 38,000 people quit the civil service every year.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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