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Unemployment falls to 7.1%, sparking rate rise fears

Unemployment falls to 7.1%, sparking rate rise fears

The unemployment rate has fallen to 7.1%, just above the Bank of England’s 7% threshold for considering higher interest rates.

The rate for September to November 2013 of 7.1% represents a significant drop from the prior reading of 7.6% for the June to August period.

Last summer Bank of England governor Mark Carney (pictured) said rates would not rise until unemployment fell to 7%, but the rapid fall has prompted speculation that the threshold will be lowered to 6.5%.

The latest data from the Office for National Statistics also showed that between the periods October to December 2012 and October to December 2013 total pay and regular pay rose by 0.9%.

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