UK Employment Rate at Record High Despite Brexit Shambles

The Office for National Statistics (ONS) also reported real earnings in Britain to be growing at their fastest rate since late 2016.

UK employment returned to a record high in October despite protracted uncertainty brought about Brexit, ONS data revealed on Tuesday.

Researchers found around 32.5 million Brits to be in work during August to October, up by almost 400,000 from the same period in 2017.

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Commenting on the positive employment data, ONS statistician Mark Hughes noted that the recent wave of growth in employment was driven by an increase in full-time workers.

Moreover, he reported that the unemployment rate remained relatively constant, adding that the uptick in unemployment was the result of a fall in the inactivity rate.

"Real earnings are now growing faster than any time since around the end of 2016,” Mr. Hughes said on Tuesday.

Meanwhile, the pound sterling took yet another dive on Monday, dropping by 0.5 percent against the US dollar, following news of Prime Minister Theresa May delaying the parliamentary vote on her draft Brexit deal.

The pound has suffered more profound drops against major currencies in the FOREX market over the course of negotiations and following the result of 2016 referendum, with investors alarmed by the prospect of Britain pulling out of the European Union (EU), especially in a no-deal scenario.  

It remains unclear exactly when the vote will now take place, but a government spokesperson on Tuesday said MPs will vote on the agreement before 21 January, with the PM looking to make a number of amendments to win over support for lawmakers, including Tories who threatened to rebel against the government.

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