UK unemployment unchanged in second quarter

The UK’s unemployment rate remained at 7.8 per cent in the second quarter of 2013, according to the Officer for National Statistics.

Data released this morning show just 4,000 people came off the official unemployment figures, meaning the rate remained significantly above the 7 per cent target set by the Bank of England last week.

Gilt yields last night spiked briefly to a two-year high of 2.6 per cent on fears that the Bank may raise rates sooner than its current plan of 2016, when the unemployment rate is forecast to fall to 7 per cent.

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