Economics
U.K. Jobless Claims Double as Lowest Paid Bear Brunt of Lockdown
- BOE expected to increase bond-buying stimulus this week
- There are also signs the drop in vacancies is stabilizing
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U.K. jobless claims more than doubled to almost 3 million during the virus lockdown, adding urgency to Bank of England and government efforts to cushion the blow.
The number of people seeking unemployment benefits increased by more than 1.5 million in the two months through May, the Office for National Statistics said Tuesday. Wage growth ground to a halt in April, with the lowest-paid workers seeing the biggest hit to their pay packets.