UK Unemployment Don Jump To 5% Before Key Govt Budget

Britain unemployment rate don rise pass wetin people expect to 5% for third quarter, di highest since early 2021, official data show on Tuesday, just before important UK government budget. Di rate jump from 4.7% for second quarter, Office for National Statistics (ONS) talk, ahead of Labour government annual budget wey go drop on November 26, wey go feature tax increases as UK economy dey weak. Analysts bin expect di rate to reach 4.9% from July to September. Liz McKeown, ONS director of economic statistics, yarn say “di number of people wey dey on payroll dey fall, with revised tax data showing falls for most of last 12 months.”

Di new data na another wahala for PM Keir Starmer and Labour Party, wey dey lose popularity 16 months after dem win general election. Analyst Isaac Stell yarn say, “no pre-budget comfort fit come from today employment data… unemployment don rise, wage growth still dey shrink.” Stell add say businesses dey delay hiring and dey reduce investment because dem no sabi how budget go be. Analysts still talk say weak data fit make Bank of England cut main interest rate for December meeting, wey fit reduce some pressure. Finance minister Rachel Reeves don signal say taxes go rise for budget to reduce government debt and fund public services.