UK unemployment rate hits 45-year low
With all of the negative news within the UK, residents can breathe a sigh of relief knowing that the economy, despite certain claims, is thriving. According to Office for National Statistics (ONS), unemployment rates are the lowest they’ve been in 45 years. Moreover, this gives the UK certainty moving into the upcoming future with speculation surrounding Brexit.
Employers Spending Differently
With these statistics presented to us, it’s easy to see how the UK market is beginning to prepare for Brexit and hold their cards close to their chest. Many believe that instead of injecting capital into experimental growth, companies are beginning to become frigid and spend their financial reserves in a more reserved fashion. While this gives the average worker peace of mind and stability, it causes a negative forecast as we move closer to Brexit. Will the UK grow and expand, or simply become more efficient within its respective sectors?
Increased Financial Divide
This also creates a greater financial divide between the working class and the unemployed citizens. The UK is facing the greatest instance of income inequality within its residents of any country outside of the United States. With this comes civil uneasiness as the average person will no longer have disposable income in which to stimulate the economy moving into the summer months. This inequality, according to experts, will create a greater divide between political parties moving into the future.
Tony Renney started working for Rise Media in 2017. Tony grew up in a small town in the Midwest. He studied chemistry in college, graduated, and married his wife one month later. Tony has been a proud New Yorker for the past 10 years. He covers politics and the economy. Previously he wrote for NPR and the Huffington Post.