The UK's jib continues to suffer as lockdown restrictions continue. Experts have said these figures will continue to rise until a clear economic blueprint surfaces.
More unemployment woes for the UK as lockdown continues
The UK's job sector rate has surged to 5.2% as of January 2021. This is the biggest it has reached in nearly six years according to official information. COVID-19 lockdown has been initiated in virtually all regions of the UK which has caused many businesses to shut down. Checking statistics from the office of National Statistics on Tuesday, it was revealed that the unemployment percentage rose to 0.5% between November and January.
This came to fruition after regional restrictions were necessary to stem down the rate of COVID-19 infections. Aside from the normal COVID-19 infection, there are also the Kent and South African variants that have proved more stubborn. Britain has documented the death of about 130,000 which has caused the greatest financial decline in centuries.
UK's job retention scheme isn't helping
Though the UK has allowed a job-retention policy to limit job losses, this hasn't done much to stem the tide of unemployment. The figures of people receiving government assistance increased to about 800,00 between March 2020 to December 2020.
This comes at the time Britain's finance Minister Rishi Sunak is planning to inject fresh billions to support the ailing economy for the next few months. An address will soon be delivered by March 4 where the ministry will reveal plans it has for the economy. Many businesses have cried out to the government for more financial aid to recover.
Top among these sectors are entertainment, travel, and Leisure. It remains unclear how much each sector will get as it has to pass through parliament. Not much is expected until the lockdown is relaxed. Prime Minister Johnson has promised a blueprint that will benefit everyone.