Suren Thiru, head of economics at the Institute of Chartered Accountants of England and Wales, said in a report that rising unemployment in the UK will heighten concerns about the state of the economy and further increase the prospects for the Bank of England to cut interest rates on Thursday. He said, “The labor market is deteriorating at an alarming rate, which means it seems imperative to cut interest rates on Thursday. “In the three months to October, the unemployment rate rose to 5.1% from 5.0% previously. Thiru said, “Before the budget was announced, the UK job market was clearly under pressure as continued uncertainty brought about by a series of policy speculations and the economic downturn forced more companies to reduce recruitment and control wage agreements. “The combination of falling demand and soaring business costs could push the unemployment rate even higher,” he said.

Suren Thiru, head of economics at the Institute of Chartered Accountants of England and Wales, said in a report that rising unemployment in the UK will heighten concerns about the state of the economy and further increase the prospects for the Bank of England to cut interest rates on Thursday. He said, “The labor market is deteriorating at an alarming rate, which means it seems imperative to cut interest rates on Thursday. “In the three months to October, the unemployment rate rose to 5.1% from 5.0% previously. Thiru said, “Before the budget was announced, the UK job market was clearly under pressure as continued uncertainty brought about by a series of policy speculations and the economic downturn forced more companies to reduce recruitment and control wage agreements. “The combination of falling demand and soaring business costs could push the unemployment rate even higher,” he said.