The U.K unemployment rate was 4.8% in the first quarter, down from 5.1% at the end of last year, according to the Office of National Statistics press release. The unemployment rate was 0.8 percentage points higher than December 2019.
Further lockdowns at the start of this year saw a rise in the number of unemployed people cease from looking for work pushing the unemployment rate down.
The falling unemployment happens when the U.K prepares to lift lockdowns placed in January.
U.K rapid vaccinations places it on track to removing all Covid restrictions despite rising concerns of the Indian variant.
The Bank of England now expects the unemployment rate to peak to a lower level of 5.5%, down from a previous projection of 7.8%.
U.K stocks and the pound are currently gaining. FTSE 100 is up 0.39%, GBPUSD is up 0.49%
