Here comes unemployment...

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Shoppers walk past a newspaper advertising board promoting its job supplement in Leicester, central England, September 14, 2011. Britain's unemployment rate rose at its fastest pace in two years in the three months to July and one of its biggest retailers saw a large fall in first-half profit, underlining the fraught economic outlook and raising pressure on the government to act to boost growth.

REUTERS/Darren Staples

Shoppers walk past a newspaper advertising board promoting its job supplement in Leicester, central England, September 14, 2011.

The latest UK unemployment and wage growth figures are due at 9.30 a.m. GMT (5.30 a.m. ET) on Wednesday.

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The unemployment rate, which is given as a three-month average, is expected to remain unchanged from last month's reading of 4.9%.

Since the Brexit vote, various economists and financial institutions have predicted that the UK's unemployment rate will shoot up as a result of the vote to leave. Credit Suisse, for example, predicts an increase to 6.5% for the base rate, equivalent to roughly 500,000 jobs being lost. However, October saw the rate remain near its record low.

The Bank of England expects unemployment to rise to 5.5% once the full effects of the referendum are felt across the economy. However, in recent days, BoE governor Mark Carney has said that the bank is willing to allow inflation to overshoot its target in order to protect jobs.

As for wage growth, average earning are forecast to have grown by 2.4% in October, a slight acceleration on September's figure of 2.3%.

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