The UK unemployment rate rose to 5 per cent and wage growth slowed in the three months to September, sparking a rally in gilts as traders raised bets that the Bank of England will cut interest rates next month to boost a lacklustre economy.
Tuesday’s unemployment figure from the Office for National Statistics was the highest for a decade outside the pandemic period, and above the 4.9 per cent expected by economists.
The rise in the jobless rate followed a long period of weak hiring, with revised tax data showing payroll employment has fallen by 180,000 since chancellor Rachel Reeves announced higher taxes on employers in last year’s Budget.
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