UK unemployment rate falls sharply

  • The unemployment rate in the UK has fallen to its lowest since the 2008 financial crisis, but there isn't much good news on the pay front.

    Unemployment was 468,000 lower in the May-July quarter as compared to the same period last year, according to Office for National Statistics figures.

    Chancellor of the Exchequer George Osborne said the data indicated an additional step on “the road to full employment.” 

    But Stephen Timms, the Shadow employment minister, said the current pay minus bonuses was the “the lowest on record.”


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