UK unemployment rate rises.Competition watchdog plans formal inquiry into veterinary pricing – Business Live | Jobs

tony wilsonThe director of the Employment Research Institute said this.

Today's employment statistics show that the labor market remains quite depressed. Even though the unemployment rate has returned to its previous level, the employment rate has remained roughly flat but remains about a percentage point below pre-pandemic levels.

Similar to last month's story, fewer people are working because more people are completely out of the labor force – people who aren't looking for work or can't get a job. In total, there are far more than half a million more people unemployed than before the pandemic began. This trend is driven by the fact that more young people and older people are outside the labor force, particularly those who report long-term health conditions that prevent them from working.

We believe this is hampering economic recovery as the economy continues to create jobs, with nearly 1 million unfilled vacancies currently reported. This requires a different approach to how we approach and engage with people who are unemployed and wishing to return to work, and in particular the need for employment services to be more accessible, inclusive and supportive. repeatedly shows that there is. Employers must also play their part and do more to keep people in jobs and create opportunities for those who need more support.

good morning. Welcome to our regular coverage of business, financial markets and the global economy.

Unemployment has unexpectedly risen in the UK, with unemployment rising and wage growth slowing, reflecting the broader economic downturn.

The Office for National Statistics said the unemployment rate unexpectedly rose from 3.8% to 3.9% in the three months to January, at a time when the economy was in recession. Economists in the city expected interest rates to remain unchanged.

The number of people applying for unemployment benefits rose by 16,800 in February. Employment growth has slowed, from an increase of 72,000 in the three months to December to a decrease of 21,000 in the three months to January.

At the same time, the number of job openings across the economy fell by 43,000 to 908,000 in the three months to February as employers hired more people. (But still more than 100,000 above pre-pandemic levels.)

Average profits rose 5.6% from November to January, slowing from 5.8% in the previous three months. Excluding bonuses, wage growth slowed to 6.1% from 6.2%.

paul dalesChief UK Economist at Capital Economics said:

The slowdown in wage growth in January is probably still a little too slow for the Bank of England's liking. But there are encouraging signs that a more pronounced economic slowdown is on the horizon, and that a rate cut in June is likely.

The Bank of England wants to see evidence that wage growth is slowing before cutting borrowing costs.

The Minister of Finance is jeremy huntSaid:

Our plan is going well. Despite falling inflation, real wages have risen for seven consecutive months. And take-home pay is set to rise further due to National Insurance cuts, totaling more than £900 a year back into the pockets of average earners.

Britain's competition watchdog is set to launch a formal investigation into veterinary pricing, citing multiple concerns, including the possibility that pet owners are paying too much for medicines and prescriptions.

After investigating the UK's 16 million pet owner market, the Competition and Markets Authority raised the following concerns:

• Consumers may not be provided with sufficient information to choose the best veterinary practice or appropriate treatment for their needs.

• Regional market concentration may be driven in part by sector consolidation, leading to reduced competitiveness in some regions.

• Large business groups may have incentives to take actions that reduce choice and weaken competition.

• Pet owners may be paying too much for medications and prescriptions.

• The regulatory framework may be outdated and no longer fit for purpose.

Referring to the watchdog's concerns, chief executive Sara Cardel said:

These include pet owners finding it difficult to access basic information such as price lists and prescription costs, and potentially overpaying for medications. They are also concerned about weakening competitiveness in some areas, partly due to sector consolidation, and that large business groups have incentives to take actions that reduce competition and choice.

If the CMA determines that a market is not functioning properly, it can impose measures such as requiring consumers to provide certain information, imposing a maximum prescription fee, or ordering the sale or disposal of business or assets. .

Most veterinary clinics do not display prices on their websites. More than 80% of veterinary practices surveyed did not have online pricing information for even the most basic services. People are not always informed about the cost of treatment before agreeing to treatment. About a fifth of those who responded to the call for information said they were not informed of the cost before consenting to the test.

Some veterinarians make up to a quarter of their income from selling medicines, so there may be little incentive to inform pet owners of alternatives, the CMA said.

A company can own multiple veterinary clinics in a region without having to specify that. The proportion of veterinarians belonging to large corporate groups has risen from 10% in 2013 to almost 60%.

The CMA has launched a four-week consultation on the proposal to launch a market investigation.

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