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The real unemployment rate in the UK is ‘horrific’, analyst tells Boom Bust

The real unemployment rate in the UK is ‘horrific’, analyst tells Boom Bust
The UK is facing record high unemployment amid the Covid-19 pandemic, with the jobless rate rising to 4.9 percent in the last three months to October. RT’s Boom Bust explores how the government is tackling the crisis.

The UK is running the “serious risk” of misleading the public about the employment market, the founder and CEO of Opimas LLC consultancy, Octavio Marenzi, says.

According to him, if you take a closer look at the statistics, you’ll see that 10 million employees have been furloughed and are being paid by the government to basically sit at home doing nothing.

“But if you still count those people as unemployed – they are certainly not productive at the moment – you’ll get a truly horrific unemployment rate in the UK of over 30 percent.”

Marenzi added that, basically, one-third of Britain's working population is now underemployed or unproductive.

For more stories on economy & finance visit RT's business section

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