The UK jobs market is booming – so it’ll be hard to skip raising rates next month

The UK has a booming jobs market and the lowest interest rates in history. One of those things has to give, says John Stepek

Job vacancies poster
Job vacancies are at record levels
(Image credit: © Christopher Furlong/Getty Images)

Late last year and earlier this year, when MoneyWeek was saying that we’d see a strong recovery from Covid, one of the bearish counter-arguments was: “ah, but just wait until the furlough ends – then the trouble will begin.”

It was a reasonable argument. It wasn’t one I agreed with, but I could see why people were making it.

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John Stepek

John Stepek is a senior reporter at Bloomberg News and a former editor of MoneyWeek magazine. He graduated from Strathclyde University with a degree in psychology in 1996 and has always been fascinated by the gap between the way the market works in theory and the way it works in practice, and by how our deep-rooted instincts work against our best interests as investors.

He started out in journalism by writing articles about the specific business challenges facing family firms. In 2003, he took a job on the finance desk of Teletext, where he spent two years covering the markets and breaking financial news.

His work has been published in Families in Business, Shares magazine, Spear's Magazine, The Sunday Times, and The Spectator among others. He has also appeared as an expert commentator on BBC Radio 4's Today programme, BBC Radio Scotland, Newsnight, Daily Politics and Bloomberg. His first book, on contrarian investing, The Sceptical Investor, was released in March 2019. You can follow John on Twitter at @john_stepek.