Unemployment rate in the UK decreased to 4.2% and wage growth slowed to 5.4%, indicating a cooling job market with high vacancies, redundancies, and reduced job seekers.
Chancellor Rachel Reeves aims to support people into employment through budget decisions on spending, welfare, and tax, emphasizing the need to rebuild Britain's economy.
The Bank of England may consider more interest rate cuts following the recent decrease to 5% due to high rates impacting borrowing costs for consumers and hindering hiring decisions by businesses.
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