The UK jobs market has continued to weaken, making the prospect of an interest rate cut next month even more likely, analysts say. The annual rate of pay growth in the three months between March and May slowed to 5%, according to the Office for National Statistics (ONS). The unemployment rate has risen to 4.7%, its highest in four years, while the number of job vacancies has now been falling continuously for three years. The government said "we need to go further" to improve the economy, while the Conservatives said the unemployment rise was a "disgrace".

Source: The Times July 18, 2025 03:38 UTC