UK unemployment rises to 5.1% as Covid lockdown freezes economy
February 23, 2021, 11:54 am

UK unemployment rises to 5.1% as Covid lockdown freezes economy

UK unemployment was up by 1.5 percentage points in December from a year earlier, the ONS said.

Government’s furlough scheme prevents higher increase in joblessness in December

Unemployment edged higher to 5.1% in December as the government’s furlough scheme continued to prevent a steep rise in job losses in the run-up to Christmas. UK unemployment

With much of economy still in enforced hibernation, the unemployment rate in the three months to December increased from 5% in November and was up by 1.5 percentage points from a year earlier according to the Office for National Statistics.

More recent figures from HM Revenue & Customs for January showed that there were 726,000 fewer people on company payrolls in January compared with February 2020, before the pandemic.

But the same assessment by HMRC also found that despite the onset of the third lockdown, firms brought back some employees into full-time employment for the second consecutive month.

About 83,000 more people were put back on to company payrolls compared with December 2020, HMRC said.

The recent rise in payrolls is believed to be the result of companies bringing back staff from furlough, though millions of workers remain on the government subsidy scheme while their jobs are mothballed. UK unemployment

More than 1 million self-employed people are also understood to be without work, many of them not eligible for state support.

A report by the London School of Economics last month found that one in seven businesses – employing 2.5 million people – might be forced to close by the spring without further support from the Treasury.

Rishi Sunak is expected to extend much of the support on offer to workers affected by the pandemic, but is unlikely to expand the scope of benefits to include all self-employed people.

Tej Parikh, the chief economist at the Institute of Directors, said: “As the pandemic lingers, jobs losses have continued to tick upward.

“Tight restrictions over the winter months will have eaten into many businesses’ reserves, forcing them into difficult decisions on their staff. Meanwhile, cash-strapped firms have relied on the furlough scheme to help retain employees, and without it unemployment would be significantly higher.” UK unemployment

source: Phillip Inman

Levant

Hancock says 'it's on all of us' to help ease Covid lockdown in England UK Unlocks

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.