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Jobless hike bolsters call for QE

An 80,000 rise in the number of unemployed people in the UK has added weight to calls for the Bank of England to extend its quantitative easing programme.

Figures from the Office for National Statistics last week show the total number of unemployed increased by 80,000 in the three months to July to reach 2.51 million the largest quarterly hike since the three months to August 2009.

The number of jobless people aged between 18 and 24 rose by 77,000 over the quarter to hit 769,000.

Samuel Tombs, UK economist at Capital Economics, says: “The data has provided further support to the arguments of the Monetary Policy Committee’s doves seeking an imminent extension to quantitative easing.”

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