Live updates

Cable: 'We need to address zero-hours contracts'

Business Secretary Vince Cable has responded to today's wages and unemployment figures by saying: "Throughout the economic crisis, and now in the recovery, our labour market has shown itself to be resilient and flexible".

UK Business Secretary Vince Cable wants to address zero hour contracts. Credit: Danny Lawson/PA

"People are feeling the benefits of recovery. We now need to focus on increasing job security and confidence.

"This is why I am addressing issues such as zero-hours contracts and restoring the real value of the national minimum wage.

Read: Wage rises beat inflation for first time in six years

"Together with the tax and benefits changes we have made, this will mean more money in people's pockets at the end of each month."

Advertisement

Brand expert: Tesco needs to 'fight for our wallet'

Brand expert Stephen Cheliotis has said supermarket giant Tesco needs to "win us over by price" after it announced a fall in like-for-like sales.

Mr Cheliotis said: "A fierce market is great for us. They'll be fighting for our wallet and they need to fight for our wallet."

"Ultimately they need to win us over by price as well so this is good for us because it should mean a big squeeze on prices," he added.

Labour: Workers 'worse off and feel no recovery'

Rachel Reeves MP, Labour’s shadow work and pensions secretary, has responded to wages rising above the rate of inflation this morning’s by saying:

“At long last earnings are finally rising faster than CPI inflation when bonuses are included, but after four years when prices have risen faster than wages there is a huge amount of lost ground to catch up."

Rachel Reeves MP, Labour’s Shadow Work and Pensions Secretary, Credit: Stefan Rousseau/PA Wire

"Working people are now over £1600 a year worse off than when David Cameron came to office, most people are not feeling any recovery and the link between the wealth of the nation and family finances remains broken".

Read more: Unemployment rate drops to 6.9%

Starbucks move 'ringing endorsement' of London

Starbucks' decision to move its European headquarters from the Netherlands to London is a "ringing endorsement" of the capital's business environment, according to the chief executive of the London Chamber of Commerce and Industry, Colin Stanbridge.

This very positive move by Starbucks greatly reinforces London as a key global centre for business and a highly desirable location for firms to base their operations.

Creating the right environment for businesses to flourish is essential to London competing at an international level and we are delighted that Starbucks has given the capital a ringing endorsement.

Read: Starbucks 'will pay more tax in UK' after moving HQ

Esther McVey: 'More women in work, wages going up'

Minister for Employment Esther McVey has praised the news of average earnings rising above the rate of inflation for the first time in six years.

She said: "More young people are in work, more women are in work, wages are going up, and more and more businesses are hiring - and it's a credit to them that Britain is working again."

Esther McVey

Advertisement

Unemployment falls to 2.24 million people

Unemployment fell by 77,000 between December and February to 2.24 million, official figures showed today.

The number of people claiming Jobseeker's Allowance last month also fell by 30,400 to 1.14 million, said the Office for National Statistics.

Wages rise by 1.7% and over the rate of inflation

Average earnings increased by 1.7% in the year to February, above the CPI inflation rate of 1.6%.

0277c7af6bcb04a61d1ae37f481730b0_normal

Average Weekly Earnings in Dec-Feb up 1.7% on same time last year http://t.co/sFvlwU6XkF

The increase in earnings will be the first time in six years that the average wage has risen above the consumer price index (CPI), which stands at 1.6% for 2014.

Read More: Wages expected to surpass inflation for first time in 6 years

Starbucks 'will pay more tax in UK' after moving HQ

Coffee chain Starbucks says it will "pay more tax in the UK" in the future after opting to move its European headquarters from the Netherlands to London.

The company said the move would make it "better able to oversee the UK market".

Starbucks is moving its European headquarters from the Netherlands to the UK Credit: DPA DEUTSCHE PRESS-AGENTUR/DPA/Press Association Images

Starbucks has come under scrutiny over its tax affairs in the past, with the company telling a parliamentary committee in 2012 that it had not made a taxable profit for 14 of the 15 years it had been operating in the UK.

Read: Starbucks UK: £30.4 million loss 'an improvement'

Load more updates