UNEMPLOYMENT is set to reach its highest level since the hammer blow of the Covid pandemic, research shows.
A weakening of the jobs market is expected to see a rate of five per cent in the three months to August, and experts tip it to get worse.
Chancellor Rachel Reeves’ move to raise National Insurance for employers and the national minimum wage increase have been blamed[/caption]
It would mark the highest since Covid struck and be above the Bank of England’s forecast that it will hit 4.9 per cent by the end of the year.
Chancellor Rachel Reeves’ move to raise National Insurance for employers and the national minimum wage increase have been blamed.
It comes as a record 6.5 million people are claiming out of work benefits, a rise of 500,000 since Labour came to power.
Shadow Business Secretary Andrew Griffith told The Sun: “Unemployment has gone up ten months in a row on their watch and it’s only going one way.
“This is the sad but entirely predictable outcome of their war on business.”
Estimates from the Resolution Foundation are based on factors including hiring conditions, the number of vacancies and employment growth.
David Hale, of the Federation of Small Businesses, said: “Jobs don’t grow on trees. Small businesses don’t think the Government has their back if they create a job.”
Gregory Thwaites, of the Resolution Foundation, said: “Unemployment has not yet peaked.”
Experts tip the crisis to get worse[/caption]