David Hayworth Latest N E W S worth a read Unemployment falls to reach 6.5 per cent Unemployment has fallen to 6.5 per cent in the second quarter of this year, the Office of National Statistics (ONS) has revealed. The number of people out of work in the UK has dropped from 6.8 per cent at the end of Q1 in 2014 to its current rate of 6.5 per cent. In its inflation report published today, the Bank of England (BoE) also showed that the growth forecast for 2015 has gone up 0.1 per cent to reach 3 per cent, as employment numbers rose by 250,000 in the three months to May. Interest rates for the short-term market have also risen slightly since May, and the Bank says that market experts are predicting a base rate rise to happen in Q1 2015, settling at approximately 2.25 per cent by 2018. With the average monthly volume of mortgage approvals reaching 64,000 in Q2 this year, 11,000 less than predicted by the Bank in May, the report states that the new rules introduced by the Mortgage Market Review (MMR) in April ‘could have weighed on approvals as banks introduced new processes or trained staff’. Secretary of State for Work and Pensions, Ian Duncan Smith says: “Unemployment has fallen, but it has not just fallen - unemployment has fallen in the fastest rate now. “Underneath that, this is mostly full-time work and we are actually seeing a fall now in temporary work and the third area that is interesting it’s that youth unemployment, youth unemployment has fallen faster now than any time for thirty years.”
Posted on: Thu, 14 Aug 2014 09:40:41 +0000
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