UK unemployment hits 17 year high

Unemployment in the UK has risen to 2.57m, the highest for 17 years, according to figures out this morning. The jobless rate is up to 8.1%, with the 16-24yr old sector rate now running at 21.3%.

Analysts had expected the rate to be 7.1%.

The Pound, which would normally fall back on bad news, is holding relatively stable as the Slovakian vote for the Euro bailout package is stealing the headlines. Once Slovakia approves the package we may see Euro strength and more focus back on fundamentals giving lower rates for buying Euros in particular.