UK Unemployment and Wage Slowdown

The Office for National Statistics reported a mixed picture for the British labor market, with the drop in unemployment largely attributed to an increase in students not seeking work.

Chancellor Rachel Reeves insisted the government has the 'right plan' for economic growth despite the slowing pay increases.

Business leaders have warned that the ongoing energy shock from the Iran war is likely to cause further job losses and price volatility.

The figures present a fresh challenge for the Bank of England as it considers its next move on interest rates.