The Co-op's chief executive admits to a "diasastrous" year for the group, and will need to decide how to reform the sprawling group.
For the first time in nearly six years, average wages are rising faster than inflation.
The embattled chief executive brushed off speculation about his future despite no sign that his £1 billion plans are bearing fruit.
The unemployment rate was 6.9%, down from 7.1% for September to November 2013 and from 7.9% for a year earlier.
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.
Average earnings increased by 1.7% in the year to February, above the CPI inflation rate of 1.6%.
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.
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 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.
Tesco's chief executive Philip Clarke has said that the supermarket's results reflect "challenges" in a rapidly changing trading environment.
– Philip Clarke, chief executive
Our results today reflect the challenges we face in a trading environment which is changing more rapidly than ever before. We are determined to lead the industry in this period of change.
Having strengthened the foundations of our business in the UK, we are now accelerating our growth in new channels and investing in sharper prices, improved quality, stronger ranges and better service.
Tesco announces like-for-like sales excluding VAT and petrol for the year are down 1.4%.
The underlying pre-tax profits at Britain's biggest supermarket Tesco fell 6.9% to £3.05 billion.
Wages are expected to surpass inflation today for the first time in six years.
ONS labour market statistics are expected to show that regular pay is rising at a rate of 1.8%, up from 1.3%.
The bank Virgin Money has backed a call from consumer group Which? for a full competition inquiry into retail banking after "woeful" switching rates.