Unemployment Rate

Bank of England keeps interest rates unchanged at 5.25%

Following 14 straight rate rises, the Bank of England (BoE) has kept interest rates unchanged at 5.25%. At its latest meeting, the Monetary Policy Committee (MPC) voted by a slim majority of 5–4 to maintain the current rate, though four members preferred to increase the rate to 5.5%.  The MPC…

Read More »

Not-for-profit Fair Shot Café opens in Covent Garden

Fair Shot Café, the social enterprise, not-for-profit operator, has opened at The Yards, Covent Garden. The project focuses on tackling the unemployment rate amongst adults with learning disabilities via the café, and has opened its 2,224 sq ft unit within The Yards.  Each year the enterprise enrols 12 young adults…

Read More »

Bank of England raises interest rates by 0.5% to 3.5%

The Bank of England (BoE) has announced that interest rates will be raised by 0.5%, bringing the base rate of interest to 3.5%, the highest level in 14 years. At a meeting held on 14 December 2022, the Bank’s MPC voted by a majority of 6-3 to increase rates by…

Read More »

BoE hikes rates to 1.75%, warns UK to enter recession until 2024

The Bank of England (BoE) has raised interest rates from 1.25% to 1.75%, marking the biggest rise in rates since 1995. In its latest announcement, the BOE also projected that the UK would fall into a recession in the fourth quarter of the year, which is expected to last for…

Read More »

BoE raises interest rates to 1.25%

The Bank of England’s (BoE) Monetary Policy Committee has voted to raise interest from 1% to 1.25% – marking its fifth rise in a row as it bids to offset the impact of rising inflation. The Monetary Policy Committee voted by a majority of 6-3 to increase the rate to…

Read More »

Unemployment rises 5% to 1.7m

The UK unemployment rate rose by 5% in the three months to November with over 1.7 million people now out of work, according to the latest figures by the Office for National Statistics (ONS). Since February 2020, the number of payroll employees has fallen by 828,000, however, the ONS said larger falls…

Read More »

UK unemployment rises to 4.5%

The UK unemployment rate increased to 4.5% during the three months to August, the highest level in over three years.  According to the latest figures from the Office of National Statistics (ONS), the total number of unemployed increased by 138,000 to 1.58 million people. It comes as over 227,000 people…

Read More »

UKH warns of major hospitality job losses without employment support

UKHospitality (UKH) has warned that at least 900,000 hospitality jobs are at risk unless the UK Government offers a sector-specific package of employment support that helps businesses retain valuable workers. Giving evidence to the House of Lords Economic Affairs Committee, chief executive Kate Nicholls praised the chancellor’s recent ‘Plan for…

Read More »

‘Massive surge’ in applications to hospitality jobs amid lockdown measures

Applications to hospitality jobs “soared” by 119.9% month-on-month in March, as the industry’s professionals “desperately scrambled” for work amidst the Covid-19 pandemic, according to the latest report from independent job board CV Library. The study, which explores job market data from March 2020 and compares this with figures from February…

Read More »

UK GDP expected to contract by 15% in Q2 2020

The UK economy is about to enter the deepest recession since the financial crisis, including the steepest quarter-on-quarter decline in economic activity since comparable records began, according to the Centre for Economics and Business Research (CEBR). CEBR expects the economy to have contracted marginally in the first quarter of the…

Read More »