Saturday, April 1, 2023

UK unemployment at historic low but inflation hits wages – Usky News

LONDON: British unemployment remains close to its historic low, but wages are still falling in real terms, official data showed on Tuesday, on the eve of the budget.
The unemployment rate was steady at 3.7 percent in the three months to the end of January, compared with the three months to the end of December, according to the Office for National Statistics (NOS).ons) said in a statement.
Pay rose 6.5 percent excluding bonuses – but fell 3.5 percent when inflation was taken into account.
“Although the rate of inflation has eased slightly, it is still outpacing income growth, which means real wages have continued to decline,” said the ONS director of economic statistics. darren morgan on Tuesday.
Britain has been plagued by strikes as workers continue to protest over failure to keep pace with consumer prices.
The data was published a day before Finance Minister Jeremy Hunt was due to reveal the government’s latest budget, against a backdrop of the crisis living across Britain.
UK hospital doctors on Monday launched a three-day strike over pay at the start of a week that teachers, train workers and civil servants will also join in industrial action coinciding with the budget.
The ONS also revealed on Tuesday that there are now more than 1.1 million job vacancies in the economy.
“The jobs market remains strong, but inflation remains very high,” prey said in response to Tuesday’s data.
“Tomorrow in the Budget, I will set out how we will proceed to reduce inflation, reduce debt and grow the economy, including helping more people get back to work.”
Hunt flagged over the weekend that he would reveal more childcare support to help parents get back to work.
And he will reportedly seek pension changes to discourage employees from taking early retirement.
Government looking to fill vacancies caused by EU staff shortage Brexit and a record number of people classified as chronically ill.
Annual UK inflation has eased in recent months but remains above 10 per cent, more than five times the rate targeted by the Bank of England.


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