Unemployment rate forecast United Kingdom 2017-2024

Between 2020 and 2024 the unemployment rate of the United Kingdom is forecasted to rise from 3.8 percent to four percent. A common indicator of an economy’s relative health, the unemployment rate has been falling in the United Kingdom since it’s 2011 peak of 8.1 percent.

UK firms continue to invest in its workforce
The unemployment rate of 4 percent predicted in this forecast certainly signals optimism in the UK employment market. If anything, the predictions might not be optimistic enough, with the unemployment rate falling to a low of just 3.8 percent in the first quarter of 2019.

Brexit and unemployment
Brexit’s potential impact on unemployment is uncertain and will likely be heavily influenced by what kind of trading relationship the UK and the European Union agree upon. In the event of a no-deal Brexit, the Bank of England forecasted that the Unemployment rate could peak at 7.5 percent.

Forecasted unemployment rate in the United Kingdom (UK) from 2017 to 2024

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Source

Release date

March 2020

Region

United Kingdom

Survey time period

2019

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Statistics on "Unemployment in the United Kingdom (UK)"

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