The UK unemployment rate rose to 5.1 per cent and wage growth slowed in the three months to October as employers held off hiring ahead of the government’s second tax-raising Budget.
Tuesday’s figure from the Office for National Statistics was up from 5 per cent in the three months to September — in line with analysts’ expectations and the highest level since January 2021.
Separate figures from tax records showed that payroll employment fell by 149,000, or 0.5 per cent, in the year to October, the ONS said. Provisional figures pointed to a further fall of 38,000, or 0.1 per cent, between October and November, although these are likely to be revised.
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