The Office for National Statistics (ONS) has said that unemployment rate has dropped to 7.7% from 7.8% the previous quarter. However, the number of people working part time because they cannot find full time employment rose to the highest figure since records began in 1992.

The Bank of England has said that it will raise interest rates when employment falls to 7% but this is not expected to happen until at least the third quarter of 2016.