There is at least one comparison with the 1970s that will please the government. Despite intense pressure on households from soaring inflation, unemployment in Britain fell in the three months to July to the lowest rate since July 1974.
At 3.6%, down from a rate of 3.8% in the three months to June, the proportion of people out of work has not been lower for almost 50 years. With a long recession on the immediate horizon and rising living costs hitting households hard, this signal of strength in the jobs market will provide at least some comfort.
