Unemployment rate hits 5% and 'likely to continue rising'

Possible implications for BoE rate decision

The number of unemployed people in the UK has continued to rise, according to the Office for National Statistics, and is now at the highest level in five years, as industry commentators warn it could climb higher still.

Between September and November 2020, the estimated UK unemployment rate was 5%, 1.2% higher than a year earlier and 0.6% higher than the previous quarter, rising by 202,000 in the three months. The latest ONS figures represented the largest increase in the numbers unemployed since the financial crisis and a five-year high in the total number of those out of work. The unemployment figure during the period was 1.72 million people. Market Movers Blog: Global bond and equity fundraising reaches 20-year high - reports Hinesh Patel, portfolio manager at Quilter Investors said: "Once m...