Unemployment rate in the UK rises to highest level in five years, and wage growth slows.

The unemployment rate in the UK has risen to its highest level in nearly five years, and wage growth has also slowed down, as the labor market continues to weaken. This could mean that the central bank may lower interest rates in the spring. The UK's Office for National Statistics said on Tuesday that the unemployment rate rose to 5.2% in the fourth quarter of last year, higher than economists had predicted. The private sector wage growth indicator, favored by the Bank of England, also fell to 3.4%, the lowest level in over five years. Overall, these data are likely to reassure the decision-makers at the Bank of England, as inflationary pressures in the labor market are quickly easing, enough to prompt them to lower interest rates again.