British unemployment falls to lowest in a decade


(MENAFN- AFP) Britain's unemployment rate has fallen to its lowest level in a decade, official data showed on Wednesday, but the government warned of headwinds from weak growth at home and abroad.

Unemployment dropped to 5.1 percent in the three months to November -- the lowest rate since October 2005 -- the Office for National Statistics (ONS) said in a statement.

It had stood at 5.2 percent in October 2015.

The jobless total was 1.68 million people -- 239,000 fewer than in the same period a year earlier.

While welcoming the data, finance minister George Osborne warned in a statement of "a dangerous cocktail of new risks this year in the global economy".

The ONS added that average weekly wages, including bonuses, rose by 2.0 percent from a year earlier, outpacing inflation which languished close to zero.

Bank of England governor Mark Carney on Tuesday said it was still too early to lift Britain's record-low interest rate, citing weak global growth and low inflation.

The BoE has left borrowing costs at an all-time low of 0.50 percent since March 2009 as it seeks to stimulate economic growth in Britain.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.