After a weak start to the day due to falling stock markets, sterling picked up slightly yesterday afternoon. This was partly due to a weaker dollar and euro. However, the pound is weaker again this morning. Any news of how Brexit talks have progressed (or have not progressed) this week is expected to impact the pound.
Data released yesterday showed that the number of workers on UK company payrolls fell by 649,000 between March and June. The overall jobless rate was unchanged at 3.9%, but figures show that there are 47,000 more young people unemployed than there were a year ago.
Despite the unemployment rate staying the same, the Office for National Statistics (ONS) said that since the start of the pandemic, total weekly hours worked in the UK had fallen by a record 175.3 million. Experts say that we won’t get a complete picture of how the jobs market is doing until the furlough scheme ends in October.
In a speech yesterday, Andrew Bailey set out a 3 point plan for saving city-centre economies, and said that government ministers should begin to encourage people to get back to work. It’s thought that Boris Johnson may echo this in his Downing Street briefing later today.
