Britain’s unemployment rate experienced a larger-than-expected rise in the third quarter, reaching five percent, marking the highest level since early 2021.

This official data was released on Tuesday, just before a critical UK government budget announcement. The unemployment rate increased from 4.7 percent in the second quarter, according to the Office for National Statistics.

This rise occurs ahead of the Labour government’s annual budget, scheduled for November 26, which is anticipated to include tax increases amidst weak UK economic growth.

Details later…