Unemployment in the UK has fallen to its lowest rate in about 50 years as the number of people not working or looking for a job continues to rise.
The Office for National Statistics said the unemployment rate fell to 3.5 per cent over the three-month period to the end of August, the lowest it has been since February 1974, despite the continuing turmoil in Britain's economy.
The Bank of England was forced to step in for a second time in 10 days on Tuesday to further bolster its emergency bond-buying plan, which it brought in to stabilise the pensions system.
It came as a leading economic think tank said Chancellor of the Exchequer Kwasi Kwarteng would have to find spending cuts of more than £60 billion ($66.16bn) if he was to meet his target to get public finances back under control.
And the IMF warned while the UK’s economic growth could improve in the short term, it will sharply reduce in 2023 as consumer spending caught up with rampant inflation and higher interest rates.
The fall in the unemployment rate on Tuesday was somewhat of a surprise, having been expected to hold steady at 3.6 per cent, which it hit during the previous quarter.
However, there was a record rise in the number of people considered “economically inactive” owing to long-term sickness.
“The unemployment rate continues to fall and is now at its lowest for almost 50 years,” said David Freeman, the ONS head of labour market and household statistics.
“However, the number of people neither working nor looking for work continues to rise, with those who say this is because they are long-term sick reaching a record level.”
He said the number of job vacancies remained high after a long period of rapid growth.
The rate has now dropped back a little, “with a number of employers telling us they have reduced recruitment due to a variety of economic pressures”.
“However, because unemployment is also down, there continues to be more vacancies than unemployed people,” Mr Freeman said.
The number of UK workers on payrolls rose by 69,000 between August and September to 29.7 million, the ONS said.
In response to the latest labour market data, Mr Kwarteng said countries around the world were facing economic challenges "but today's statistics remind us that the fundamentals of the UK economy remain resilient, with unemployment at its lowest point for almost 50 years".
“Our ambitious growth plan will drive sustainable long-term growth, meaning higher wages and better living standards for everyone, and we are cutting taxes so people can keep more of what they earn," he said.
“But we know people are concerned about rising prices and that's why we're standing behind families with our energy price guarantee, saving the average household £1,000 a year for the next two years.”
The economy has been in turmoil since Mr Kwarteng announced his tax-cutting mini-budget on September 23.
The pound plummeted, falling to its lowest level yet against the dollar, while the FTSE tumbled and the Bank of England was forced to step in to save the pensions system from collapse, all in a four-day period.
Base interest rates, which currently sit at 2.25 per cent, were predicted to soar above 6 per cent next year at one point, leading lenders to pull hundreds of products from the market.
The average two-year fixed mortgage rate is now sitting at about 6.3 per cent.
The Bank of England said on Tuesday it would further bolster its emergency bond-buying plan, which it brought in to stabilise the pensions system, as it warned the continuing rout in the gilts, or government bonds, market posed a “material risk to UK financial stability”.
The central bank will widen the scope of its UK government bond-buying programme to include purchases of index-linked UK government bonds amid concerns over another “fire sale” of government bonds.
It comes after the sell-off in government bonds resumed on Monday as investor concerns failed to subside, despite action by the Bank of England to double its daily bond-buying limit and Mr Kwarteng's move to bring forward his new fiscal plan and independent economic forecasts.
He announced on Monday he will unveil debt-reduction plans and independent economic predictions on October 31, rather than in late November, hoping not to spook markets further.
But long-dated gilt prices still tumbled, which sent yields on 30-year bonds soaring to 4.7 per cent on Monday — their highest level since the central bank was forced to step in last month.
"The beginning of this week has seen a further significant repricing of UK government debt, particularly index-linked gilts," the bank said.
“Dysfunction in this market, and the prospect of self-reinforcing 'fire sale' dynamics pose a material risk to UK financial stability.”
It said its latest efforts would “act as a further backstop to restore orderly market conditions”.
UK Deputy Prime Minister Therese Coffey told the BBC on Tuesday she was confident that the public's pensions were safe after the Bank of England’s latest intervention.
In further bad news for the British economy, the Institute for Fiscal Studies think tank said on Tuesday it was not possible to deliver cuts on a required scale through efficiency savings and "trimming the fat" and that it would require major cuts to public services.
An analysis by the investment bank Citi found that the economy was set to grow by an average of 0.8 per cent a year for the next five years, far below the 2.5 per cent "trend" rate of growth Mr Kwarteng said he wanted to achieve.
The IFS said that on that basis, it would require a "fiscal tightening" of £62bn in 2026-2027 to stabilise debt levels.
In an online briefing to accompany the report's publication, IFS director Paul Johnson said that after 12 years of austerity, cuts on that scale were "extraordinarily hard to achieve".
The International Monetary Fund (IMF) said on Tuesday the UK’s economic growth could improve in the short term, but sharply reduce in 2023 as consumer spending catches up with rampant inflation and higher interest rates.
The slowdown of the global economy has intensified since April as it faces “stubbornly” high inflation, the IMF said in its latest World Economic Outlook report.
In the UK, the economy is projected to grow at a rate of 3.6 per cent in 2022, a 0.4 per cent upgrade from the IMF’s previous forecast in July.
However, growth will then fall sharply to just 0.3 per cent in 2023, the IMF said, as it downgraded its forecast by 0.2 per cent from a previous 0.5 per cent estimate. Just Germany and Italy will see weaker growth than the UK among the world’s advanced economies, with the IMF forecasting declines for both countries in 2023. Meanwhile, Russia’s economy is expected to contract by 2.3 per cent next year, the biggest fall of all the nations included in the projections.
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
More from Rashmee Roshan Lall
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%3Cp%3EArtist%3A%20Kokoroko%3Cbr%3ELabel%3A%20Brownswood%20Recordings%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
MATCH INFO
Qalandars 109-3 (10ovs)
Salt 30, Malan 24, Trego 23, Jayasuriya 2-14
Bangla Tigers (9.4ovs)
Fletcher 52, Rossouw 31
Bangla Tigers win by six wickets
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Killing of Qassem Suleimani
Result
Tottenhan Hotspur 2 Roma 3
Tottenham: Winks 87', Janssen 90 1'
Roma 3
D Perotti 13' (pen), C Under 70', M Tumminello 90 2"
Notable cricketers and political careers
- India: Kirti Azad, Navjot Sidhu and Gautam Gambhir (rumoured)
- Pakistan: Imran Khan and Shahid Afridi (rumoured)
- Sri Lanka: Arjuna Ranatunga, Sanath Jayasuriya, Tillakaratne Dilshan (rumoured)
- Bangladesh (Mashrafe Mortaza)
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
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
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
UAE currency: the story behind the money in your pockets
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Wes%20Ball%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Owen%20Teague%2C%20Freya%20Allen%2C%20Kevin%20Durand%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
MATCH INFO
Real Madrid 3 (Kroos 4', Ramos 30', Marcelo 37')
Eibar 1 (Bigas 60')
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900
COMPANY%20PROFILE
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Miguel Cotto world titles:
WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017
Ant-Man and the Wasp
Director: Peyton Reed
Starring: Paul Rudd, Evangeline Lilly, Michael Douglas
Three stars
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More from Neighbourhood Watch
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
UAE currency: the story behind the money in your pockets
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
Results
International 4, United States 1
Justin Thomas and Tiger Woods (US) beat Marc Leishman and Joaquin Niemann (International) 4 and 3.
Adam Hadwin and Sungjae Im (International) beat Xander Schauffele and Patrick Cantlay (US) 2 up.
Adam Scott and Byeong Hun An (International) beat Bryson DeChambeau and Tony Finau (US) 2 and 1.
Hideki Matsuyama and C.T. Pan (International) beat Webb Simpson and Patrick Reed (US) 1 up.
Abraham Ancer and Louis Oosthuizen (International) beat Dustin Johnson and Gary Woodland (US) 4 and 3.
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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