UK payrolls move closer to pre-pandemic level: ONS

The number of employees on British company payrolls rose by 182,000 in July from June, moving closer to their pre-pandemic level as the economy recovers from its coronavirus lockdowns, tax data showed on Tuesday. The Office for National Statistics said 28.9 million people were now on company payrolls, 201,000 shy of their level before the Covid-19 pandemic swept Britain in March 2020,

The headline unemployment rate for the three months to June fell to 4.7%. Economists polled by Reuters had mostly expected the unemployment rate to hold at 4.8%. Britain’s labor market has been propped up by finance minister Rishi Sunak’s job subsidies which paid the wages on 8.9 million jobs at its peak in May 2020, during the first Covid-19 lockdown, falling to 1.9 million jobs at the end of June 2021.

The scheme is being phased out by the end of September which could push job losses back up. But earlier this month the Bank of England said the unemployment rate had probably peaked already and it no longer expected a jump after the expiry of the furlough scheme.

UK payrolls move closer to pre-pandemic level: ONS, CNBC, Aug 17