Britain's jobless rate has surged to 4.2 per cent, the highest in six months, indicating a slowing economy. The economically inactive population rose to 22.2%. Experts predict 0.3% growth in 2023.
Office for National Statistics highlighted a decline in job vacancies and wage growth, with real earnings rising. The Bank of England may consider cutting interest rates to stimulate the economy.
Pantheon Macroeconomics' chief UK economist noted a significant slowdown in the labor market in March. The Monetary Policy Committee could start lowering interest rates this summer to address the situation.
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