The UK unemployment rate rose to 4.2% at the end of June

This content was published on Aug 15, 2023 – 06:23
August 15, 2023 – 06:23

(AFP)

The UK’s unemployment rate hit a two-year high in the second quarter of this year, at 4.2%, according to official data, as the country grapples with a rising cost of living.

The number of unemployed rose to 4.2% in the three months ending in June, compared to 4.0% registered in the three months between March and May, according to the Office for National Statistics (ONS).

The National Statistics Office explained that this increase is largely explained by the increase in the number of people who have been unemployed for more than six months.

The UK faces inflation of close to 8%, the highest rate among the G7 nations (which also consists of Germany, Canada, the US, France, Italy and Japan), which is affecting households and businesses.

Businesses also face an ongoing labor shortage since the end of the COVID-19 pandemic and in the aftermath of Brexit.

The Treasury said in a statement that the unemployment rate in the United Kingdom remains below that of “Canada, France, Italy, Spain and the eurozone.”