UK layoffs hit record high in Q3 as labour market slumps

Layoffs in Britain hit a record high during the third quarter as the unemployment rate jumped, according to official data that showed the jobs market declined rapidly before finance minister Rishi Sunak made a U-turn on COVID support measures.

Redundancies rose by a record 181,000 in the three months to September to reach an all-time high of 314,000, the Office for National Statistics said. The unemployment rate rose as expected to 4.8%, the highest rate since the three months to November 2016.

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