More people looking for work as vacancies fall
The latest official figures suggest that the uncertain economic outlook is affecting employment, with a rise in jobseekers and a fall in job vacancies. The Office for National Statistics (ONS) reported that between December and February, around 220,000 more people were seeking work than in the previous three months. The number of job vacancies fell for the ninth consecutive quarter, with a drop of 47,000 from the previous quarter to 1,105,000.
Despite this, there was an increase in the employment rate as more people returned to the jobs market. However, the rate of pay growth continued to lag behind inflation, with regular pay increasing by 6.6% but falling by 2.3% when accounting for the rise in prices.
Shadow chancellor Rachel Reeves criticised the government, accusing it of a “lack of ambition” for Britain, while Liberal Democrat Treasury spokesperson Sarah Olney blamed the Conservatives for “gross mismanagement” of the economy.