LONDON: Britain&#39;s&nbsp;<a href="https://www.pakistantv.com/article/ai-risks-mass-unemployment-in-london-mayor" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">unemployment</a>&nbsp;rate remained at 5.1% at the end of last year, official data showed Tuesday, as companies trimmed staff amid UK budget uncertainty. The near five-year high rate for the three months to the end of November was unchanged from the quarter ending October 31, the Office for National Statistics said in a statement. The latest unemployment reading, matching analyst expectations, covered the period ahead of the Labour government&#39;s budget in late November which saw&nbsp;<a href="https://www.pakistantv.com/article/tech-layoffs-worsen-us-job-market-for-foreign-students-jeopardize-futures" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">businesses</a>&nbsp;cut staff ahead of expected tax rises. Tuesday&#39;s figures also updated the situation regarding wages. ONS director of economic statistics, Liz McKeown, noted that during the reporting period, &quot;wage growth in the private sector has slowed to its lowest rate in five years, while public sector wage growth remains elevated&quot;. A more recent picture on UK inflation arrives Wednesday with official data for December. Along with the unemployment figures and some recent positivity on the&nbsp;<a href="https://www.pakistantv.com/article/us-government-shutdown-nears-as-leaders-meet-amid-budget-deadlock" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">economic</a>&nbsp;growth front, the consumer prices inflation (CPI) numbers will be used by the Bank of England to determine its next moves on interest rates. The unemployment data &quot;suggests that the next policy meeting in February may be too soon for another interest rate cut&quot;, noted Ashley Webb, UK economist at Capital Economics research group. But if December&#39;s CPI inflation figures turned out much weaker than the Bank expects, &quot;it&#39;s possible the door for a February rate is pushed ajar&quot;, he said.

Business

UK unemployment held at 5.1% as firms cut staff, wage growth slowed, complicating Bank of England rate-cut timing decisions ahead.

Articles tagged with "UK BUDGET CUTS"

UK unemployment at near five-year high: official