According to the latest figures released, the UK's unemployment fell by 63,000 in the three months to January to 7.2 per cent.

During the month of January along, the unemployment rate fell to the level of 6.9 per cent, which is lower than 7 per cent threshold set by the Bank of England for raising interest rates. The UK's central bank had said in the previous year that it will consider raising interest rates. However, the Bank of England has now indicated that it will consider a host of other factors before increasing the interest rates.

The data showed that male unemployment fell 60,000 to 7.4 per cent and women unemployment fell 3,000 to 6.9 per cent. The total youth unemployment fell 31,000 to 17.7 per cent in the US. The pay increased 1.7 per cent in the year to January, which is just below inflation at 1.9 per cent. Private sector pay increased 1.9 per cent, while public pay rose 0.9 per cent during the period. The Office for Budget Responsibility has said that it believes that the pay rise will be higher than inflation and increase the standard of living.