[UK] Unemployment rate leaps to 4.1% as COVID-19 eradicates 700,000 jobs

Fears over a wave of COVID-19 related redundancies grew this week as new figures showed another fall in jobs and an unemployment spike. The unemployment rate rose from 3.9 per cent to 4.1 per cent in the quarter to July - reportedly the first time the rate has increased since the start of the pandemic, and a two year high. The number of people out of work went up by up by 62,000 to a total of 1.4 million.

According to the latest data, the estimated increase in the rate for July alone was even higher at 0.5 per cent. At present 2.7 million people are claiming benefits and some 695,000 jobs have gone from the payroll since March. On September 15 Chancellor Rishi Sunak cautioned the Cabinet that the economy is 'nowhere near' pre-pandemic levels, emphasising that maintaining 'confidence' will be critical for the recovery. Mail Online has further details on the potential for a redundancy wave as the furlough scheme ends and analysis from the Office for National Statistics.

Fears over a wave of COVID-19 related redundancies grew this week as new figures showed another fall in jobs and an unemployment spike. The unemployment rate rose from 3.9 per cent to 4.1 per cent in the quarter to July - reportedly the first time the rate has increased since the start of the pandemic, and a two year high. The number of people out of work went up by up by 62,000 to a total of 1.4 million.

According to the latest data, the estimated increase in the rate for July alone was even higher at 0.5 per cent. At present 2.7 million people are claiming benefits and some 695,000 jobs have gone from the payroll since March. On September 15 Chancellor Rishi Sunak cautioned the Cabinet that the economy is 'nowhere near' pre-pandemic levels, emphasising that maintaining 'confidence' will be critical for the recovery. Mail Online has further details on the potential for a redundancy wave as the furlough scheme ends and analysis from the Office for National Statistics.