UK unemployment figures have fallen by 18,000 to 2.49 million in the June-August period, according to official figures.

The Office for National Statistics also revealed that the number of people claiming Jobseeker’s Allowance last month fell by 41,700 to 1.35 million.

The unemployment rate now stands at 7.7 per cent, down from 7.8 per cent last quarter.

A record high of 29.87 million has been reached for people in both full-time and part-time work, up 155,000 since the previous quarter.

It also said that almost 1.5 million people were in part-time work because they couldn’t find full-time jobs, which is the highest figure since records began in 1992.

The rate of unemployment has become a key economic indicator for the Bank of England which is now targeting the unemployment. It says that until the unemployment rate falls to 7 per cent, they will not consider raising the interest rates from their record low of 0.5 per cent.

Average earnings were also reported to have risen by 0.8 per cent in the first half of the year.

Prime Minister, David Cameron, said that the figures were “good news”: “These are welcome figures. Of course, we all want to see living standards improve, and last year disposable income increased. But the way to deliver on living standards is to grow the economy, keep producing the jobs and cut people’s taxes.”