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Inflation has been way above target for more than two years now, giving monetary policy makers at the Bank of England (BoE) a severe headache. In recent remarks, BoE officials have made it clear that they are now willing to sacrifice the labor market to bring down inflation. While this is problematic in itself, policy makers now face another serious problem related to the labor market data: the official unemployment rate figure in the U.K. has become unreliable!
The only advanced economy to cease publishing unemployment rate numbers
The Office of National Statistics (ONS) just confirmed that it will
