The latest unemployment totals from London underscored how weak Britain’s economy remains.
The number of people without jobs continued to rise.
Using International Labour Organisation counting methods, the total was up by 15,000 at 2.52 million between January and March, compared with the previous three months.
Pay growth also sank to its lowest level in four years, which means wages are failing to keep pace with rising prices.
However there was a fall in the numbers claiming jobless benefits. They were down by 7,300 in April to 1.52 million.
Bank of England ray of hope
The figures were released an hour before the Bank of England published its Quarterly Inflation Report.
That contained a slightly improved outlook for inflation and growth for the first time since the financial crisis.
The bank said the economy was “likely to see a modest and
sustained recovery over the next three years”. That represented
a small upgrade from its assessment in February, when the bank
said the recovery was likely to be “slow but sustained”.
Annual inflation, currently running at 2.8 percent, is likely to fall back to around the bank’s 2.0 percent target in two years’ time. That was lower than a forecast of 2.3 percent the Bank of England issued in February.
Bank of England Governor Mervyn King said the better forecasts did not mean the recovery was secure.
“Today’s projections are for growth to be a little stronger and inflation a little weaker than we expected three months ago. That’s the first time I’ve been able to say that since before the financial crisis,” King told reporters.
“But this is no time to be complacent. We must press on to ensure a recovery and to bring down unemployment,” he added.
Britain has been suffering its slowest economic recovery in decades, and the BoE forecast that GDP was more likely to remain below its pre-crisis level for another year or so.
Britain’s economy grew by a sluggish 0.3 percent in the first three months of 2013 from the previous quarter.
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International news | euronews, latest international news
- 3Most Istanbul blast victims ‘were German’, says Turkey
- 4Madrid to appeal Catalan road to independence from Spain
- 5Hope vs harsh reality: challenges to global education goals in the 21st century
- 6Thousands in Bucharest blame corruption for Friday’s nightclub blaze
- 7Moldova: protesters storm Parliament
- 8Partnering to grow Europe
- 9Norway sends Syrian refugees back to Russia
- 10Extras : euronews : the latest international news as video on demand
- 11Merroussis clinches the 33rd Athens Authentic Marathon
- 12‘National’ funeral for Celine Dion’s husband ‘over the top’
- 13Jorge Lorenzo clinches his third MotoGP title in Valencia
- 14Brussels remains on high alert: ‘multiple operations underway’ across Belgium
- 15Benzema questioned in French sex tape case
- 16Special Reports : euronews : the latest international news as video on demand
- 17Paris: “I would rather see my brother in prison than in a cemetery”
- 18Caught by the Maasai at mid-on ‘Warriors’ play cricket
- 19latest Learning World - All Programmes | euronews : the latest international news as video on demand
- 20account : euronews : the latest international news as video on demand
latest economy news
Volkswagen emissions scandal delays 2015 financial results and shareholders’ meeting
Toyota in optimistic mood over China and US
US jobs growth weaker but steady in January – up by 151,000
ECB’s Draghi: We have to aggressively fight ultra-low inflation
Royal Dutch Shell is latest to have profit hammered by low oil prices
Wires > Business
- 02:21 CET UK consumer spending growth hits eight-month high in January -…
- 02:21 CET Shell reports restarting a unit at Scotford, Alberta, facility
- 01:55 CET Dissenters warned BOJ negative interest move could fuel global cuts
- 00:19 CET Dollar enjoys post-payrolls glow in quiet start to week
- 00:09 CET Japan’s Tepco works hard to pull out from government control
- 22:30 CET German, French central bankers call for euro zone finance ministry
- 22:18 CET Iran says Peugeot to pay $446 million compensation for sanctions…
- 14:19 CET Volkswagen to offer generous compensation for U.S. customers -…