UK unemployment surges to 4.5%, highest in three years; young people hit hardest, redundancies soar.

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The UK unemployment rate surged to 4.5% in the three months from March to May 2024, marking its highest level in over three years. During this period, redundancies also rose to their highest level since 2009. Sectors such as hospitality, travel, and recruitment were particularly affected, and young people aged 16-24 accounted for about 60% of the fall in employment. The impact of the pandemic continues to affect jobs, with approximately 1.5 million people unemployed between June and August 2024. As the government transitions from the furlough scheme to a less generous wage support package, further increases in unemployment are anticipated.

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Sources:

https://www.bbc.com/news/business-54520521

https://commonslibrary.parliament.uk/research-briefings/sn02797/

https://www.bbc.co.uk/news/business-54520521