Unemployment in the UK has risen to 5% in the three months to September, an increase from 4.8% in the previous period, according to the Office for National Statistics. Concurrently, average regular earnings growth has slowed to 4.6%, with real wage growth after inflation being just 0.8% higher. These economic indicators come shortly before Chancellor Rachel Reeves is due to present her Budget, where she is expected to announce tax increases to address a significant deficit. The ONS also reported a drop of 109,000 employees on payroll compared to the previous year.
The Office for National Statistics director of economic statistics, Liz McKeown, character... download the app to read more
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