UK's Unemployment Rate Rose For The First Time In 7 Months, Is 'Brexit' To Blame?

The number of unemployed people in the United Kingdom rose for the first time in March by 21,000 to 1.7 million. However, the unemployment rate remained unchanged at 5.1 percent. The number of people working rose by 20,000 in March, also marking the slowest pace of growth since June 2015. The sudden rise in the number of unemployed people could be attributed to the "Brexit" debate, according to Work and Pensions Secretary Stephen Crabb. Brexit is an abbreviation of British exit and reflects the possibility that Britain will withdraw from the European Union in a nationwide vote on June 23. Crabb was

quoted by The Guardian as telling the BBC, ""Mark Carney, the governor of the Bank of England, has also said that the question mark hanging over Britain's relationship with the European single market is having a real-terms impact on the British economy and impacting on sterling exchange rates, impacting on investment decisions." He added, ""There will be companies right now today who have been looking at major investments into the UK who are hanging back and considering whether that's the right thing to do. So of course that will have an impact.

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