UK jobless rate falls and vacancies hit record; Omicron to hit oil demand – as it happened

Rolling coverage of the latest economic and financial news

• Latest: IEA trims oil demand forecasts
• UK unemployment rate drops to 4.2%
• Payrolls rise again, vacancies at record
• But more people left labour market...
• ....and Omicron could threaten recovery
• Bank of England plans to remove interest rate rule for mortgages
• Gas prices near record highs as Berlin rejects pipeline from Russia

Pubs and restaurants predict that Christmas cancellations made following the introduction of measures to limit the spread of the Omicron variant of Covid-19 in England will cut their festive takings by 40%.

While hospitality venues have not yet been forced to reimpose measures such as social distancing or mandatory mask-wearing, industry leaders said tougher restrictions had already caused irreparable damage to trade, especially in city centres.

Sales growth was held back by labour shortages; early in the quarter, headcount decreased across our delivery and CFC roles in Ocado Logistics; but following the introduction of the additional measures announced at the Q3 Trading Statement, and the end of furlough, vacancies are returning to more normal levels.