Ross Clark Ross Clark

A legacy Theresa May can be proud of

Theresa May is said to be desperately searching for a legacy in her last few weeks at Number 10. It is staring her in the face.

Today, the Office for National Statistics published its latest employment figures which confirm, against all odds, that we are in the midst of a jobs miracle of which any previous prime minister would have been proud.

The employment rate climbed again to 76.1 per cent, the equal highest on record. The unemployment rate fell to 3.8 per cent, the lowest rate since the autumn of 1974. The rate for economic inactivity – which takes into account people who are not working but not looking for work either – is also at its lowest rate ever, at 25.2 per cent of the working age population.

As for the frequent claim that falling joblessness has come at the expense of low-paid employees on insecure zero hours contracts, that doesn’t stack up. Average earnings have risen a healthy 3.4 per cent in the past 12 months – an increase of 1.5 per cent when adjusted for inflation. Only 2.6 per cent of the working population are on zero hours contracts – and of them only a third of them actually want more hours.

This isn’t zero hours Britain – it is full employment Britain. How Mrs Thatcher would have loved such a legacy, or Tony Blair, Gordon Brown, John Major or Jim Callaghan. I am not sure exactly what Theresa May has done to bring the jobs miracle about – or at least continue it, as it started under Cameron – but I would claim it as my own triumph if I was her.

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