Unemployment down: interest rates to rise?
18/03/2010New unemployment figures released by the Office for National Statistics have shown an unexpected drop.
Most experts predicted that numbers out of work would be seen to have risen in February, but the ONS data in fact showed a benefit claimant count drop of nearly 33,000.
That brings the rate of unemployment in the UK to 7.8 per cent.
However, the better-than-expected figures could lead to financial problems for others in the short term.
Some commentators are predicting that interest rates may rise sooner than previously thought as a side-effect of the economic recovery.
With many families close to the breadline, personal debt and mortgage arrears could soon follow on the heels of this week's good news.
Atlantic director Vance Parsons says: "These figures mask some grim news that show a record 8.16 million people are classed as economically inactive, for example students, which should be cause for concern, as they are excluded from the statistics.
"The decision to hold down interest rates will be welcomed by many with debt problems, but those who are only scraping by need to plan ahead and take debt advice early."
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