Up 5.1 percent; unemployment rate in UK

UMMATIMES - The unemployment rate in the UK has risen to 5.1 percent in the past three months of 2020. The unemployment problem in the UK has been underpinned by the Job Retention scheme, which helps at least one in five unemployed people in the country. The unemployment subsidy program is arguably the most expensive in the UK's published policies on the effects of the corona virus outbreak. Its budget is estimated at GBP 70 billion and is expected to expire on April 30, 2021.

The British central bank said it is estimated that the unemployment rate in the UK will rise to nearly 8 percent by mid-2021 or exactly after the unemployment subsidy scheme ends. However, UK Finance Minister Rishi Sunak is expected to announce an extension of this program, at least for the sectors hardest hit by the impact of the Covid-19 pandemic lockdown.