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The UK's unemployment rate has fallen to its lowest level in seven year, according to the Office for National Statistics.

The ONS said unemployment fell 103,000 between July and September, taking the rate to 5.3%, its lowest level since April 2008.

The fall means that there are now 1.75 million working age people without a job, and 31.21 million in employment. It's 177,000 more people in work that in the previous three month period and a 419,000 increase on the same period last year.

Wages, including bonuses, were up 3% compared with last year. And with inflation floating around zero, the public is seeing a noticeable real-terms increase in their pay. But there was concerning news on wages from the ONS. Focusing on September, total wages were up 2%, down from 3.2% growth in August - it is the slowest rise since February. Excluding bonuses, pay was up 2.5% in the quarter and 1.9% in September - both the slowest growth since the first quarter of the year.

Chris Williamson, chief economist at research firm Markit, said: "The UK labour market continued to tighten in September, as unemployment fell more than expected and employment rose sharply. Pay growth remained surprisingly weak, however, despite further evidence of growing skill shortages, which normally leads to higher salaries.

"Pay growth remains central to policymaking, and interest rates are likely to stay on hold for as the official data show pay growth remaining subdued. Today's data therefore support the Bank's current projections that there will be no need to raise interest rates until 2017 due to persistent low inflation."