Jobless total rises

This morning’s labour market statistics showed a rise of 27,000 in unemployment to 2.53million at the end of January – the highest total since 1996.

The number of people claiming jobseekers allowance, however, fell to 1.45million.

The jobless rate of 8% is also the highest since 1996.

The Pound has been largeley unaffected, although better figures would have been likely to improve the outlook for the UK and therefore the Pound.

The only other important news due in the UK this week is public sector borrowing, announced on Friday.