UK unemployment shows surprise fall to 4.9% as pay growth drops to lowest in five years

Bank of England expected to keep interest rates on hold as Iran war casts shadow over labour marketJobs market was in fragile state even before Iran warBusiness live – latest updatesUnemployment in the UK unexpectedly fell in the three months to February, according to official figures – but the fallout from the conflict in the Middle East is expected to cause a rise in job cuts.The Office for National Statistics (ONS) said the rate of unemployment was 4.9% in February, the lowest level since last summer. This compares with 5.2% in the three months to January, a rate that economists had expected to also see in February. Continue reading...