UK: Unemployment rate at highest level in four years

Unemployment rate in the UK reached its highest level in four years in Q3 2020 and layoffs reached a record high after the coronavirus pandemic significantly affected the market, BBC and Reuters reported.

Between July and September 2020, the unemployment rate rose to 4.8% from 4.5%, and the number of those laid off reached a record 314,000, 181,000 more than in the second quarter of 2020.

Companies increased the number of laid off employees, anticipating the end of the job support scheme, which was originally scheduled to end in December, but was extended until March 31, 2021.

In Q3 2020, the number of unemployed rose by 243,000, the most significant advance since May 2009, when the United Kingdom was hit hard by the global financial crisis.

Data shows a significant decrease, by 174,000, in the number of employees aged between 16 and 24, at a record low of 3.52 million.

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