UK Economy Plateaus Amid Rising Youth Unemployment

The UK economy continues to stagnate, with the unemployment rate remaining unchanged at 4.9% in June, according to MHA's analysis.

Average earnings growth excluding bonuses rose slightly to 3.5%, but wage pressures are moderating, a concern for households facing a cost-of-living crisis.

The situation is particularly dire for younger workers, with youth unemployment at around 15%. This persistent issue can damage skills and future earning potential, making it harder for them to enter the workforce.