Unemployment in the UK is rising faster than thought.

Unemployment in the UK is rising almost by leaps and bounds. The unemployment rate is higher than even the country's economic analysts thought or predicted.

The United Kingdom's Office for National Statistics said in a statement on Tuesday that the unemployment rate across the country has increased by 4.3 percent from July to September 2024. Earlier, the unemployment rate was 4 percent from January to March and from April to June.

Economists said unemployment could rise by 1.1 percent from July to September. However, the statistics of the Department of Statistics say that unemployment has increased by 10.3 percent in these three months. In other words, the unemployment rate has actually increased by 2.2 percent than the analysts predicted.

Meanwhile, the average wage in the country is decreasing along with the increase in the unemployment rate. Average wages fell by 4.8 percent from July to September, according to a statement from the Bureau of Statistics. This is the highest rate of wage decline in the past two years.

Incidentally, the UK economy is one of the largest economies in the world. The economy of the country was hit for the first time during the coronavirus epidemic. The Russia-Ukraine war started in 2022 before the end of the pandemic. Due to this war, the price of fuel and food products in the country started to increase.

Economists say that the ruling Labor Party government has recently increased taxes on entrepreneurs to strengthen the country's economy. Many of these entrepreneurs are laying off workers to reduce the pressure on themselves. This is the main reason for the increase in unemployment.

Source: BBC, Gulf News