Graduate unemployment at highest for over a decade

Figures released by The Office of National Statistics (ONS) show that ONE in FIVE university leavers who entered the labour market failed to find a job last year. Graduate unemployment is now at its highest level since 1995. While unemployment in the UK has risen from 5.2% to 7.9%, graduate unemployment - graduates available and looking for work but who can't get a job - has risen from 10.6% to 20%.

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UK economy suffers shock contraction

The UK economy suffered a shock 0.5% contraction in the final quarter of 2010. The Office of National Statistics (ONS) reported that although the bad weather had had an effect, growth would still have been flat if its effect had been excluded.

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Economics

Pressure mounted on the Bank of England to raise interest rates as inflation in December jumped from 3.3% to 3.7%, fuelled by an increase in the cost of air travel, fuel, utility bills and food costs.

The recent VAT increase from 17.5% to 20% raises the prospect of a further rise.

For further information on economics stories, click on either the Higher Economics or Interemediate Economics pages of the blog.

The winners and losers on the High Street this Christmas

With the twin problems of terrible weather and the coalition's austerity cuts starting to bite, it has been a tough festive period for High Street retailers. Below is a link to a really cool interactive Monopoly board which shows the winners and losers as their Christmas results are announced this month.

• Interactive Winners & Losers