Unemployment falls by 132,000 between April and June

Unemployment fell by 132,000 between April and June to 2.08 million, official figures showed today.

The Bank of England today also upgraded its growth forecast for the UK this year from 3.4% to 3.5% and for next year from 2.9% to 3%.

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Drop in salaries shows it's too soon to raise interest rates

As the Bank of England Governor was preparing to give his update on the U.K. economy, new stats dropped onto his mahogany table.

Unemployment is down - but so are wages.

The drop in average salaries over the year to June will be a stark warning to the Governor that it's too soon to raise interest rates.

If it were to happen now too many households would drop into unsustainable debt.

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