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The pound rises as UK unemployment hits a five year low

The number of people out of work in the UK has hit a five year low and at 6.9%, it's below a key Bank of England threshold for considering an interest rate rise. Unemployment fell by 77,000 in the three months to February. For the first time in four years, average pay outstripped the inflation rate, which is also falling. The pound rose against its peers on the news.

Jonathan Portes, Director at the National Institute of Economic and Socail Research, says the figures show the UK labour force is "even more flexible than we thought". Adam Memon, from the Centre for Policy Studies, says the trend is likely to continue.

01:44 minutes
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