The British pound rose to a three-month high against the US dollar on Tuesday after the country's unemployment rate dipped to 4.8 per cent in the three months to March.
The fall in the jobless level, down from 4.9 per cent in February, according to the Office for National Statistics, came despite England spending the period in its third lockdown and employment surging by 84,000 – the first gain since the pandemic started.
The positive news saw the pound rise above $1.42 for the first time since February in early London trading, and at 10.25am London time sterling was up around 0.58 per cent on the day at $1.4216.
The country saw increased hiring in April, another sign that Britain's labour market could recover under the government's job support programme.
Chancellor of the Exchequer Rishi Sunak said the figure reflected the effect of the government’s focus on protecting jobs during the Covid-19 crisis.
“While sadly not every job can be saved, nearly 2 million fewer people are now expected to be out of work than initially expected – showing our Plan for Jobs is working,” Mr Sunak said.
The number of workers on payrolls rose by 97,000 from March to April but was still 772,000 lower than before the pandemic struck, while job vacancies, up 8 per cent on the last quarter, hit their highest level in more than 12 months.
Darren Morgan, ONS director of economic statistics, said the strong rise in the number of employees last month came as the economy began to reopen, continuing the improvement from its November trough.
“There remains, however, three quarters of a million people fewer on the payroll compared with the pre-pandemic peak,” Mr Morgan said.
“With many businesses reopening, the recent recovery in job vacancies continued into April, especially in sectors such as hospitality and entertainment.”
Britain’s jobs outlook has improved significantly in recent months, with the government announcing plans for a full reopening of the economy by June 21 and then extending income support for furloughed workers until the end of September.
The rosier picture saw the number of people in employment jump by 84,000 in the first quarter of 2021, the first increase since the coronavirus crisis began, while those classed as unemployed fell by 121,000.
However, the crisis has still left an uneven mark on the labour market with the inactivity rate – measuring people who are not looking for work – on the rise and at a record high for men.
Another challenge for the government is getting young people back to work, with unemployment among 18 to 24 year olds running at double the national average.
Matthew Percival, director of people and skills at the Confederation of British Industry, said having the highest number of vacancies since the outbreak of the pandemic shows the value of the road map for reopening the economy.
“However, businesses are starting to report vacancies they're struggling to fill so government support for skills and retraining is essential,” Mr Percival said.
As venues reopened to the public last month, hospitality businesses said they were struggling to recruit waiters and chefs to fill the 355,000 positions lost during the pandemic.
While some furloughed workers chose to work in other industries because of the unstable nature of the hospitality sector during the crisis, European and foreign workers are struggling to return to the UK because of travel restrictions creating a “crunch point” for the sector.
“Businesses increasingly need to know what rules will be in place after June 21 to make their next reopening decisions,” Mr Percival said.
“They're hoping to avoid any further bumps in the road and will be closely watching the trajectory of new variants and the conclusion of reviews into social distancing and Covid-status certificates.”
There were still 4.2 million people on furlough at the end of March, the latest ONS data showed, with experts concerned this might still affect the employment outlook when the government’s support scheme ends in September.
“Nobody expects all of them will return to the jobs they left. And the timing of the scheme’s end is potentially cause for concern, coming as the night’s draw in and outdoor socialising becomes harder,” said Danni Hewson, AJ Bell financial analyst.
Average wages excluding bonuses grew 4.6 per cent in the quarter through to March. However, the figures were skewed by the loss of lower-paying jobs, and the ONS estimated the underlying growth rate was around 3 per cent. Pay and inflation pressures could be fuelled by labour shortages.
Meanwhile, hopes for the strongest economic rebound in decades are being overshadowed by the highly transmissible Indian variant of coronavirus, which has been found in dozens of districts across the country.
“New variants are very much on the mind. Could they scupper June’s plans for a complete lifting of social distancing restrictions?” Ms Hewson said.
“Without a crystal ball, it’s impossible to predict what might happen next or how the economy would react. Right now, 10 per cent unemployment seems unlikely but it’s not totally out of the question and both jobs figures and wage growth need to be watched carefully.”
UAE currency: the story behind the money in your pockets
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
More on animal trafficking
The%20specs
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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SHAITTAN
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
INDIA SQUADS
India squad for third Test against Sri Lanka
Virat Kohli (capt), Murali Vijay, Lokesh Rahul, Shikhar Dhawan, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Vijay Shankar
India squad for ODI series against Sri Lanka
Rohit Sharma (capt), Shikhar Dhawan, Ajinkya Rahane, Shreyas Iyer, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni, Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Siddarth Kaul
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Killing of Qassem Suleimani
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
New schools in Dubai
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
UAE currency: the story behind the money in your pockets
Salah in numbers
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
Company%20Profile
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'Cheb%20Khaled'
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Killing of Qassem Suleimani
