Britain's unemployment rate has increased to 4.2%, the highest in six months, with a job participation rate falling to 74.5%.

The UK economy showed minimal growth of 0.1% in 2023, suggesting the potential for the Bank of England to cut interest rates.

Worker payrolls saw a reduction by 67,000 in March, marking the largest decline since the pandemic peak, and job vacancies decreased for the 21st consecutive period.

Regular wages growth has slightly decreased and the Monetary Policy Committee may consider cutting interest rates this summer in response.

There are approximately 850,000 more jobless working-age people compared to pre-pandemic levels, largely due to long-term sickness.

The Bank of England's next meeting on May 9th will explore the possibility of reducing interest rates over the summer.