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UK unemployment rises as cost-of-living crisis worsens

The unemployment rate increased to 3.8 per cent from 3.7 per cent in the three months to the end of January, the Office for National Statistics (ONS) said in a statement

UK unemployment rises as cost-of-living crisis worsens

UK unemployment edged higher in the three months to the end of February, official data showed on Tuesday (18), as the economy continues to be impacted by high inflation.

The rate increased to 3.8 per cent from 3.7 per cent in the three months to the end of January, the Office for National Statistics (ONS) said in a statement.

The ONS said the increase "was driven by people unemployed for up to six months".

Darren Morgan, director of economic statistics, said the number of days lost to strikes picked up again in February.

Public and private sector workers have been striking since last year to try and win increases to pay, whose value has been eroded by elevated inflation.

"Pay continues to grow more slowly than prices, so earnings are still falling in real terms," Morgan said.

He added that while job vacancies have fallen, they "remain at very high levels".

(AFP)

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Highlights

  • UK pharmaceutical exports worth £5bn annually protected from US tariffs for three years.
  • NHS spending on medicines to double from 0.3 per cent to 0.6 per cent of GDP over next decade.
  • Deal safeguards jobs at major British drugmakers including GSK and AstraZeneca.
The UK has secured a landmark deal with the United States guaranteeing zero tariffs on pharmaceutical exports. The UK government said it was the only country in the world to have secured a zero per cent tariff rate for pharmaceutical shipments.

Under the agreement announced on Monday, the NHS will pay more for medicines in return for a three-year guarantee that US import taxes on pharmaceuticals made in Britain will remain at zero per cent.

The deal comes after US President Donald Trump threatened to raise tariffs to as high as 100 per cent on branded drug imports, raising alarm for major British drugmakers including GSK and AstraZeneca.

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