The UK unemployment rate rises to 5%, hitting a new high since the end of 2020.

Official figures released by the UK government before the budget announcement show that the unemployment rate has risen to its highest level since the end of 2020. The UK's National Statistics Office reported that the three-month unemployment rate as of September was 5%, higher than the 4.8% reported the previous month. This increase was higher than economists' expectations, and it is the highest level since December 2020 to February 2021. When the Labour Party came to power last year, the unemployment rate was 4.1%. Experimental comprehensive data released by the UK's National Statistics Office and HM Revenue & Customs also did not bring good news for Chancellor Rishi Sunak - the data shows a decrease of 32,000 employed workers in October. This means that the recent trend of slowing down in the decline of employment numbers, after a significant drop in the spring of this year, has now paused.