UK unemployment rate lowest since 1975

London, April 17 (IANS) The unemployment rate in the UK declined in February to its lowest level in more than 40 years, while wage growth strengthened, signs that the labour market remained healthy despite weak growth at the start of the year, a report revealed on Tuesday.

The unemployment rate declined to 4.2 per cent in the three months through February, compared with 4.3 per cent in the three months through January, reports Efe news.

The rate was last as low as 4.2 per cent in 1975, the Office for National Statistics said.

Wage growth excluding bonus payments accelerated to an annual 2.8 per cent during the three-month period, the fastest rate of growth since 2015, driven by higher pay settlements in construction and manufacturing.

The Bank Of England has telegraphed that it expects to lift its benchmark borrowing costs three or more times over the next few years to restrain inflation.

Economists believe the next increase, to 0.75 per cent, could come as soon as next month.

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