October 28, 2022

BUSINESS LIVE: Unemployment falls to 4.2%; MPs urge scam crackdown; BoE says financial sector can withstand Omicron










British employers added 257,000 staff to their payrolls in November, adding to signs that the labour market withstood the end of the furlough scheme, Office for National Statistics data reveals.

The unemployment rate decreased by 0.4 percentage points on the quarter to a 16-month low of 4.2 per cent.

Financial scams must be included in the Online Safety Bill to end the ‘Wild West’ of the internet, MPs have urged.

Fake investment sites and adverts placed online by criminals should be rooted out by the platforms such as Facebook and Google which host them, a report from the joint committee on the draft Online Safety Bill said.

Britain’s financial system is strong enough to withstand a disaster far worse than the latest Omicron variant, the Bank of England has calculated.

Even if the economy shrank by another 9 per cent, unemployment spiked to 12 per cent and house prices tumbled by 33 per cent, lenders would not be at risk of collapse according to the central bank’s latest stress test which is part of the Financial Stability Report.

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