What is the current unemployment rate in the UK?

Unemployment in the UK has reached a five-year high of 5.2 percent.

How is the UK jobs crisis affecting holidaymakers?

The jobs crisis has caused the pound to tumble, resulting in a 'half-term hit' for holidaymakers as their spending power abroad is reduced.

What is the outlook for youth unemployment in the UK?

Youth unemployment has soared to an 11-year high of 16.1 percent, with concerns about a 'lost generation' facing long-term benefits.

Home / Business and Economy / UK Economy Reels: Unemployment Surges, Pound Drops

UK Economy Reels: Unemployment Surges, Pound Drops

18 Feb

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Summary

Unemployment reaches a five-year high of 5.2 percent.
Youth unemployment hits an 11-year high of 16.1 percent.
Pound falls against the US dollar and Euro due to rate cut expectations.

UK Economy Reels: Unemployment Surges, Pound Drops

Britain is experiencing a severe jobs crisis, with unemployment now at a five-year high of 5.2 percent. This has led to a 'half-term hit' for holidaymakers as the value of the pound has significantly decreased.

The gloomy economic outlook has prompted investors to bet on interest rate cuts by the Bank of England. This speculation has caused sterling to drop below $1.35 against the US dollar and to its lowest level this year against the Euro.

Youth unemployment is particularly concerning, having reached an 11-year high of 16.1 percent. Experts warn of a 'lost generation' facing long-term unemployment and reliance on benefits.

Despite the weakening pound impacting consumer spending abroad, the FTSE 100 has reached a new record high, partly due to overseas earnings converting to more sterling.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.