UK unemployment has steadied but wages continue to lag sky-high inflation, official data showed Tuesday, fuelling a cost-of-living crisis and mass strike action.
The unemployment rate was unchanged at 3.7 percent in the three months to the end of November compared with the three months to the end of October, the Office for National Statistics said in a statement.
“The real value of people’s pay continues to fall, with prices still rising faster than earnings,” said Darren Morgan, ONS director of economic statistics.With pay failing to keep pace with rampant prices, Britain is witnessing strikes across the public and private sectors. Prices last year soared on supply constraints caused by Russia’s invasion of Ukraine, the lifting of pandemic lockdowns and Brexit fallout.“We must not do anything that risks permanently embedding high prices into our economy, which will only prolong the pain for everyone,” repeated finance minister Jeremy Hunt in response to Tuesday’s data.“Workers have been losing hundreds of pounds from their annual pay over the last year,” said Paul Nowak, head of the Trades Union Congress umbrella group.
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