Investors cast doubt on BoE March rate cut amid UK wage growth and unemployment rate rise

UK unemployment at 4.4%

The UK unemployment rate rose to 4.4% from October to December 2024, while the country’s economic inactivity rate fell to 21.5%, according to data from the Office for National Statistics.

In a separate ONS report, it found that the estimated number of payrolled employees for January 2025 broadly remained unchanged compared to the same period a year ago, marking a rise of just 49,000 employees. 'Cracks are starting to appear' in UK labour market as unemployment rises to 4.4% The largest change came within the health and social work sector, which saw a 92,000 increase in ranks of its employees, while the lowest numbers were recorded in the accommodation and food service activities sector, which saw a fall in the number of employees of 58,000. The latest figures from t...