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Britain’s unemployment rate has risen to 4.8 percent, the highest level in over four years, official figures showed Tuesday, adding pressure on the economy ahead of the government’s upcoming annual budget.
The Office for National Statistics (ONS) said the rate for the three months ending in August edged up from 4.7 percent in the preceding period. This marks the highest unemployment level since the first half of 2021.
The data highlights challenges facing the UK labour market amid stagnant economic growth and persistently high inflation. Richard Carter, an analyst at investment manager Quilter Cheviot, said the figures reveal “significant cracks” in the job market. He noted that businesses may delay major hiring decisions in the run-up to the budget, uncertain about potential tax or policy changes.
With the Labour government set to unveil its latest tax and spending plans in around six weeks, analysts expect unemployment pressures could weigh further on the UK economy.
