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UK unemployment rises unexpectedly

The UK has been hit by surprise increases in both unemployment and benefit claimants, the latest official figures reveal.

Data published by the Office for National Statistics shows the number of people without work increased by 38,000 in the three months to June to reach 2.49m. The unemployment rate rose to 7.9 per cent.

Last month, the ONS said the unemployment rate dropped from 7.8 per cent to 7.7 per cent in the three months to May.

The latest rise is the first reported since the three months to February.

In addition, the number of people claiming jobseeker’s allowance in July stood at 1.56m, an increase of 37,100 from the previous month. This is the largest rise reported since May 2009.

The ONS’ figures also show the number of unemployed women has reached its highest level since the three months to May 1988, coming in at 1.05m.


Omam loses another bond team member

Old Mutual Asset Managers has lost another member of its bond team following the departure of Stephen Snowden in April. Rachid Semaoune, an analyst that works on the £589m corporate bond fund, will be leaving the firm. The departure comes after Stephen Snowden, who was previously lead manager of the corporate bond fund, left Omam […]


Private rented sector is a “golden opportunity”

They say hemlines mirror the economic climate, but is the private rented sector about to mirror the swinging 60s of mini-skirts and psychedelic music? If so, this could provide a golden opportunity for fuelling growth of profitable intermediary business in mortgages and landlord insurance protection. The private rented sector is already regarded as “home” by […]

Lagarde: Deficit reduction plans must not damage growth

International Monetary Fund managing director Christine Lagarde has warned countries tackling deficits they must be careful not to undermine recovery by damaging growth. Writing in the Financial Times Lagarde says there is an “unmistakable need” for advanced economies to restore the credibility of their budgets but plans to deal with deficits must be delivered carefully, […]


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