UK employment hit and inflation eats into wages
February 15, 2022, 10:52 am

UK employment hit and inflation eats into wages

City of London in England/Pixabay

The Euronews reported, citing Reuters, official data showed that the total number of people in work in Britain shrank in the last three months of 2021, when the Omicron COVID-19 wave swept Europe, and workers in Britain saw their earnings shrink when adjusted for inflation.

Employment was down by 38,000 in the October-to-December period, the biggest fall since the three months to February last year when Britain under was under a tough coronavirus lockdown.

The Office for National Statistics said regular earnings fell by 0.8% in real terms using statisticians’ preferred CPIH inflation measure in the three months to December.

That was the first time regular earnings shrank when adjusted for the CPIH measure of inflation since July 2020 although they have recently fallen based on the more widely followed CPI inflation measure.

UK economy grows bigger than before pandemic in November

Britain’s unemployment rate for the three months to the end of December held at 4.1%, as expected by most economists polled by Reuters.

The number of staff on businesses’ payrolls in January rose by 108,000, slowing from December’s increase of 131,000 which was revised down from an original reading of 184,000.

Source: euronews

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Upon arriving to participate in the summit of the European Political Community, which includes around forty heads of state in Budapest, he said, "I look forward to sitting with the elected U.S. president and seeing how we will collectively ensure we meet challenges, including the threats from Russia and North Korea." He also noted that the strengthening of ties between Russia and North Korea poses a threat to the United States as well, according to reports from Agence France-Presse.

Before Trump's victory, Rutte expressed confidence that a united Washington would remain part of the defensive alliance, even if Trump became the 47th president of the United States. In an interview with German public broadcaster ZDF last Monday night, he stated that both Republicans and Democrats understand that NATO serves not only the security of Europe but also that of America. He added that both candidates are aware that the security of the United States is closely tied to NATO.

On Wednesday, NATO congratulated Trump on his victory but did not address the Ukrainian issue.

It is noteworthy that the relationship between the elected U.S. president and the defense alliance was not the best during his first term in the White House. Trump criticized NATO member states multiple times and even hinted at withdrawing from the alliance unless they increased their financial contributions.

Additionally, the issue of the Russian-Ukrainian war is one of the matters that complicate relations between the two sides, especially since Trump has repeatedly stated that he can end this ongoing conflict, which began in 2022, quickly. He implied that he had a peace plan between Kyiv and Moscow, while his vice president, JD Vance, revealed aspects of that plan, which stipulated Ukraine's commitment not to join NATO, thereby sending reassuring signals to the Russians.

Furthermore, many NATO member states in Europe fear that Trump might halt military aid to Ukraine after he previously criticized the U.S. for pouring funds into supporting Ukrainian President Volodymyr Zelensky.