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News - 11 September 2013

UK Jobless Rate Falls To 7.7%

The Office for National Statistics (ONS) said the UK's unemployment rate has dipped to 7.7% in the three months to July from 7.8% previously, as the number of people out of work fell by 24,000 to 2.487 million.

It was the lowest jobless rate since September-November period last year, the ONS said.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The monthly jobs data has taken on a new significance since the Bank of England pledged last month to keep the base rate of interest at its record low as long as the unemployment rate remained above 7%. The total claiming jobless benefit fell by 32,600 in August - the steepest decline since June 1997.”

The Bank of England does not expect to raise the interest rate until late 2016

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