Britain’s unemployment drops anew under government’s jobs shield
The unemployment rate in the U.K. surprisingly dropped for the second month in February despite the fact that COVID-19 restrictions were implemented during that period.
According to the Office of National Statistics, the drop in the unemployment rate was linked to a rise in the share of people who were out of the jobs market altogether. The inactivity rate increased 0.2 percentage points in the three months to February.
The ONS said the total number of jobs lost since the beginning of the coronavirus pandemic rose to 813,000.
The U.K. economy plunged near 10% last year after it staged a nationwide lockdown that lasted longer than most of its neighboring countries.
In April 2020, the Office for Budget Responsibility said unemployment could hit 10%.
Sunak is optimistic about the country’s economic rebound, noting that by the time his furlough scheme expires, the economy will be largely free of coronavirus restrictions after the fast roll-out of coronavirus inoculation programs.