UK unemployment falls by 5,000

UK unemployment has fallen by 5,000, the Office for National Statistics (ONS) has said. ONS data indicated 2.51 million people were out of work in the three months to April.

Bank of England upgrades economic growth forecasts

The Bank of England has upgraded its economic growth forecast and said that inflation should fall faster than previously predicted. In his last inflation report as the Bank's governor, Sir Mervyn King said inflation should drop to its target of 2% within two years.