If the ECB was to cut rates, it would mark its first reduction since July last year.

BBC: Eurozone unemployment at record high as inflation drops

If the ECB was to cut rates in a bid to boost sentiment, it would mark its first reduction since July last year.

BBC: Eurozone economic sentiment hits 4-month low in April

In addition to the job cuts the bank is also lowering compensation, targeting around 35% of net income which would mark a further reduction from 2011 (42%) and 2012 (38%).

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In response, Immigration Minister Mark Harper argued that it was "a reduction in immigration that is driving the statistics".

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"There is no cost-reduction target in the price control, " said Ofgem communications manager Mark Wiltsher.

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