UK unemployment rising at fastest pace
The UK's unemployment rate is climbing at an unprecedented rate, according to recent analysis by the Trades Union Congress (TUC), Kazinform News Agency reports.
The report indicates that the UK has experienced the fastest increase in unemployment among The Organization for Economic Cooperation and Development (OECD) countries, with the number of jobless individuals rising by 1.5% over the past year. This surge has brought the UK’s unemployment rate to 6.1%, a stark contrast to the OECD average of 4.7%.
The TUC attributes this rise to a combination of economic factors, including the lingering effects of the COVID-19 pandemic, Brexit-related disruptions, and recent government austerity measures. Public sector job cuts have significantly impacted employment rates, with over 100,000 public sector positions lost in the last 12 months alone. Additionally, the ongoing cost-of-living crisis has led to reduced consumer spending, further slowing economic growth and job creation.
Frances O'Grady, TUC General secretary, emphasised the urgent need for government intervention. "The rapid rise in unemployment is a clear signal that more needs to be done to support job creation and protect workers. We are calling for increased investment in green jobs and infrastructure projects to stimulate the economy and provide stable employment".
Economists have echoed these concerns, highlighting the potential long-term impacts on the UK economy if the unemployment trend continues unchecked. They warn that rising unemployment could lead to decreased consumer confidence, lower spending, and a slower overall recovery from the pandemic.
In response to the TUC's findings, the government has acknowledged the severity of the issue and is reportedly considering various measures to address the growing unemployment rate. Potential initiatives include increased funding for job retraining programs, support for small businesses, and incentives for industries that can drive job growth.
