According to official figures, the unemployment rate in the UK increased to 5.1% in the three months leading up to October, with younger workers being disproportionately affected. According to official data from the Office for National Statistics (ONS), the unemployment rate was 4.3% at this time last year, indicating a trend of rising unemployment.
In the three months leading up to October, the number of unemployed individuals aged 18 to 24 rose by 85,000, marking the biggest increase since November 2022. According to numerous firms, the government’s promise to eliminate the two-tier minimum wage and establish a single rate for all adults will discourage them from hiring young people with little to no experience.
The ONS numbers, which cover the time frame before to the Budget, show that many firms chose to halt or slow down recruiting until they were aware of Chancellor Rachel Reeves’s tax and spending intentions.
Numerous businesses have also reported that they are still dealing with the consequences of last year’s budget, which increased the cost of recruiting due to national insurance increases. Compared to the prior year, estimates for workers on firm payrolls decreased by 149,000, or 0.5%, in October.
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