Number of job vacancies increases

More employment opportunities were created for jobseekers in the UK over the last quarter, data from the Office for National Statistics (ONS) have revealed.

ONS research showed that between November and January the number of job vacancies increased by 1,600.

And unemployment levels fell as more people of a working age secured work.

While the employment rate rose to 74.8%, an increase of 0.3 percentage points, the number of people out of work fell by 32,000 or 5.2%.

An economist at CIBC World Markets, Audrey Childe-Freeman, stated that such positive employment figures could lead to further reductions in the base rate.

She told The Guardian: 'The softening in the average earnings growth is likely to come as welcome relief for the Bank of England at a time when inflation remains a concern.'

The current interest rate is 5.25%, after cuts by the Bank in February and December.