Britain's jobless rate to rise in 2017, 2018 because of Brexit: report

Britain's rate of unemployment is forecast to rise over both 2017 and 2018 as a consequence of the country's decision to leave the European Union (EU), according to an Independent Labor Organization(ILO) report published on Friday.

Within the area of northern, southern, and western Europe, Britain was the nation which is projected to suffer the highest rise in its unemployment rate in 2017.

The ILO forecast in its "World Employment Social Outlook" report a rise in Britain's jobless rate from an annual rate of 4.8 percent in 2016 to 5 percent in 2017 and 5.3 percent in 2018.

The outcome of Britain's vote to leave the EU is likely to undermine investors' and financial markets' confidence in the medium term, both in Britain and elsewhere in Europe, the report noted.

Stefan Kuhn, an economist with the ILO, told Xinhua on Friday afternoon: "Unemployment is forecast to increase to some degree over the next two years, and this is because of Brexit. "

Forecasting beyond 2018 was not possible, because of the uncertainty of what Brexit might be when it takes place, according to Kuhn.

The unemployment rate in Britain is currently 4.8 percent, lower than the 10 percent rate across southern, northern and western Europe and lower than France (10 percent) and Italy (11.5 percent), but higher than Germany (4.3 percent). Enditem