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Jobless total set to hit a 5-year high

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New data is expected to show on Tuesday that unemployment is at its highest level in nearly five years. The Office for National Statistics will say the unemployment rate has risen from 4.9 to 5.1% in November, analysts predict. This is despite the Government’s job support schemes. With the furlough scheme coming to an end at the end of April, Howard Archer, chief economic adviser to the EY Item Club think tank, believes the unemployment rate could hit 7% by the middle of the year. He added: “The retail, hospitality and leisure sectors are probably going to account for the bulk of the job losses, there may be some employers who won’t take back workers after furlough ends.”

 

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