UK unemployment rises at fastest rate in almost five years

Official figures reveal 1.47 million out of work as young people struggle to find jobs

The prospect of an interest rate rise before the summer has receded after the number of people out of work in Britain rose at the fastest rate in almost five years.

Fuelled by an increase in unemployment among young people under the age of 24, the number of jobless rose by 46,000 to stand at 1.47 million in the three months to December, according to the Office for National Statistics.