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The jobless rate in the UK rises – what the future will look like?

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For the first time since the coronavirus lockdown in March, the unemployment rate of the UK rose again. According to the experts, this can be a sign that the number of people losing their jobs is once again expected to increase in the coming months and weeks.

The unemployment rate in the UK is measured by the national statistics office of the United Kingdom. The official data shows that even though some of the restrictions on the market were lifted, the number of unemployed people is still on the rise.

There are many reasons why this happens, one of them being the fact that people in the country are trying to find other ways to survive other than having a 9 to 5 job and a monthly salary. One thing that a huge part of the population is doing in the UK is that they are looking for ways to earn more, without actually having a regular job.

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Image by Scott Graham on Unsplash

These numbers are showing that the country is facing huge challenges. Because so many people are losing their jobs, there are more people who will need some type of help from the government, which is not exactly what the country needs after a huge crisis caused by the Covid-19 pandemic.

As of today, the financial empire of London is slowly crumbling down, and this is mostly caused by a lot of people moving into side hustles rather than conventional salary income.

We talked with one of the representatives of the ForexBrokersList website, Tanner Smith, who told us that the number of people who are registering with them to look for ways to start Forex trading from the UK is increasing significantly.

“In the last few months, we saw a huge increase in people visiting our website from the UK. Most of them are asking questions about how to register with Forex brokers in the country. This leads us to believe that more people than ever before are interested in the Forex market in the UK,” noted Smith.

But this industry is not the only one that is being used by locks from the UK. Experts claim that people in the UK are very actively looking for income that is not connected with old-fashioned jobs, and it seems like they are somewhat successful in doing it.

How did the unemployment rate change?

This year was very hard for most of the countries around the world. Because of the coronavirus pandemic, most of the industries were simply put on hold, and thousands of people ended up losing their jobs. After the restrictions were lifted and people went back to their regular works, many thought that the numbers would go back to normal again.

However, the situation is a little different in the UK. Although people were able to go back to their jobs, the employment rate rose again last month.

What are the unemployment benefits in the UK?

In the UK, the amount of unemployment benefit, which is also known as Job Seeker’s Allowance in the UK varies according to the age of a person. People under 24 are entitled to get as much as £58.90 in a week in the UK, while those who are older than 25 can claim as much as £74.35 a week.

For engaged couples, both of them being older than 18, the weekly rate is up to £116.80. People in the UK are able to receive these benefits for as much as six months, but after that, these people will have to discuss the options that they have with the work couch.

What will happen in the future?

Experts are saying that this trend will continue in the future as well. According to the research done in recent years, most of the people in the UK are doing their best to avoid working in regular jobs. This is something that might not be good for the whole picture, especially when it comes to unemployment rates.

Today, the number of people trading Forex is increasing every day in the UK, and this is not the only market that is used by people in the UK. Another reason why the unemployment rate is increasing is Brexit. Since the UK left the EU, several European companies left the market of the country, which led to a lot of people losing their jobs.

One of the fields that saw a huge number of problems was the banking sector. Some of the top European banks left the market of the United Kingdom, and this resulted in a reduction of jobs in the country. This, once again, is considered to be something that will have a lasting impact on the country.

For tens of years, the UK was part of the European Union and many people got used to the companies that were functioning in the country. As so many companies are leaving the country, people are having a much harder time finding jobs, and this is something that many believe will result in the increased unemployment rate in the UK.

 
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