(Bloomberg) — U.Okay. unemployment climbed to its highest price in nearly 5 years within the fourth quarter because the financial toll from the coronavirus pandemic continued to mount.
The variety of folks searching for work rose 121,000 from the third quarter, taking the jobless price to five.1%, probably the most since early 2016, the Workplace for Nationwide Statistics mentioned Tuesday. The variety of folks in work fell by 114,000.
The figures enhance strain on Prime Minister Boris Johnson to ship on his pledge to do “no matter it takes” to assist staff and enterprise by way of the pandemic.
Setting out a gradual exit from England’s third virus lockdown, Johnson on Monday gave his clearest sign but that Chancellor Rishi Sunak will use his price range on March three to increase authorities assist applications attributable to expire within the coming weeks.
Unemployment has been held down by tens of billions of kilos of wage subsidies, which had been nonetheless supporting nearly four million jobs on the finish of final 12 months following the deepest financial stoop in three centuries. Including time to the furlough program past April 30 might imply that Britain avoids lots of the job losses at present predicted by economists.