UK Unemployment Figures Tag Archive

During the summer the incoming Governor of the Bank of England, Mark Carney caused a stir when he stated that the bank would tie the raising of interest rates to unemployment levels hitting a target of 7%. For borrowers this was a light at the end of the tunnel, but for others there was little to worry about as 7% employment levels were not predicted until late 2015, early 2016.

However ever since employment numbers has risen above expectation  and as of yesterday the number of unemployed fell by 167,000 to 2.32m or 7.1% in the 3 months to November.

The Bank immediately responded to ease fears by stating that the target was not set in stone and rested on other factors but this surely means that our record level of low interest rates will come to an end quicker than expected.