UK jobless rises to 4.4% over Brexit | Shanghai Daily

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February 22, 2018

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UK jobless rises to 4.4% over Brexit

BRITAIN’S unemployment rate has risen for the first time in 16 months, official data showed yesterday, in a sign that Brexit uncertainty is feeding into the wider economy.

The jobless rate, or the proportion of the workforce that is unemployed, stood at 4.4 percent in the three months to the end of December, the Office for National Statistics said in a statement. That was up from 4.3 percent in the quarter to November 2017, which had been the lowest level in 42 years.

Analysts said that yesterday’s data reduced the likelihood that the Bank of England would raise its main interest rate in May, as had been widely expected by markets.

Prior to the data, markets had widely expected the Bank of England to raise its key lending rate in May, by a quarter-point to 0.75 percent, following a small hike last year.


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