UK Economy Withstands End of Jobs Support, Easing BOE Worries

• Britain's job market withstood the end of the government's furlough scheme last month, according to data, which could ease lingering concerns at the Bank of England about the risks of raising interest rates from their pandemic low. 
• The Sterling strengthened as the number of staff on businesses' payrolls in October rose to 0.8% above levels in February 2020, before the coronavirus pandemic hit, and increased by 160,000 on the month. 
• The Bank of England has been watching closely in case unemployment rose after the job-protecting furlough scheme expired at the end of September. 
• "Now that today's labour market data shows that hurdle has been cleared, we think the Bank of England has the green light for interest rate lift-off at their December meeting," Ambrose Crofton, a global market strategist at J.P. Morgan Asset Management, said.

(Source: Reuters)