LONDON: The number of people in work in Britain unexpectedly rose in the three months before the missed Oct. 31 deadline for Brexit, according to data which suggests the labor market was retaining some of its strength.
The number of people in employment rose by 24,000 to 32.8 million in the August-to-October period, bucking the median forecast for a drop of 10,000 in a Reuters poll of economists.
The employment rate hit an all-time high of 76.2 percent while the unemployment rate fell back to its lowest level since the three months to January 1975 at 3.8 percent.
“The larger-than-expected rise in employment in October suggests the labor market is not getting any worse and may have even started to turn around,” said Andrew Wishart at Capital Economics.
The increase in jobs was driven by a rise in the number of self-employed workers and full-time staff, while the number of part-time employees fell.
British government bond prices fell by a small amount as investors viewed the chance of a Bank of England interest rate cut next year as slightly lower.
Britain’s labor market has stayed strong even as the economy slowed following the 2016 referendum vote to leave the European Union.
That is due in part to employers, who are uncertain about what Brexit will bring, hiring staff who can be laid off easily rather than making longer-term commitments to invest in equipment.
But there had been signs recently that the jobs boom was weakening.
These prompted two interest-rate setters at the Bank of England to vote for a cut to borrowing costs last month, and they are expected to do so again this week.
Prime Minister Boris Johnson last week reduced some of the uncertainty hanging over the economy by winning a big majority in a national election, ending any doubts about whether Britain would leave the European Union on the new date of Jan. 31.
But nerves about Brexit could return soon.
Johnson plans to pass a law ruling out any extension of the Brexit transition period beyond the end of 2020, saying he is confident he will clinch a free trade deal with the European Union by then.
There were some signs of caution among employers in Tuesday’s data.
Vacancies were the lowest since the three months to August 2017 at 794,000.
The Office for National Statistics also said average earnings rose by an annual 3.2 percent, the weakest increase in more than a year and slowing sharply from growth of 3.7 percent in the three months to September.
The ONS attributed much of the slowdown, however, to high bonus payments in October 2018 which distorted the comparison.
Excluding bonuses, pay growth slowed less sharply to 3.5 percent from 3.6 percent in the three months to September and was above the Reuters poll forecast of 3.4 percent.
UK jobs growth resumes, unemployment rate near 45-year low
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UK jobs growth resumes, unemployment rate near 45-year low
- Number of people in employment rose by 24,000 to 32.8 million in the August-to-October period
- Britain’s labor market has stayed strong even as the economy slowed following the 2016 referendum vote
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
