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UK employment at record high levels


UK unemployment continues to fall to record low levels, as the number of people out of work falls to 1.83 million.

Official figures from the Office of National Statistics show that the number of people out of work between January and March fell by 35,000 and was the lowest figure in seven years. The total number of people in work rose to 31.1 million. The employment rate in the UK now stands at 73.5%, the highest level since records began in 1971.

As well as high employment, regular pay grew at its fastest rate for nearly four years to 1.9%. This is the seventh month in a row that the rate of pay increases has outstripped the annual rate of inflation, which currently stands at 0%.

There was also some negative economic news released yesterday, as The Bank of England cut its 2015 growth forecast from 2.9% to 2.5%, and for next year from 2.9% to 2.6%, as governor Mark Carney announced his quarterly inflation report.

The new Conservative Work and Pensions Minister, Priti Patel, said :
"This is a testament to our long-term economic plan, the work the government has been doing with our focus on job creation, creating the right economic conditions for businesses to expand and grow so they can employ people again, so this is very welcome news today."

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