UK unemployment rate soars to highest level in years as job crisis grows
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Unemployment has raced past 5% the latest official figures show, with worse to come, putting pressure on the Chancellor to provide more financial relief and the Bank of England to slash interest rates below zero.
Young workers in London, especially in the largely closed pub, restaurant and hotel trade are hit worst of all by a job tsunami which is the worst since the financial crisis of 2009.
Analysts say many workers are in “zombie” jobs supported only by furlough schemes. Once they end, unemployment, already at a five-year high, will soar further.
Unemployment is now at 1.72 million with 200,000 jobs lost between February and December, said the Office for National Statistics. More than 800,000 jobs have gone in a year.