ALEX BRUMMER: Unemployment figures prove Britain prospering despite the economic doom-mongering

Omicron’s emergence and ongoing politics at Westminster have generated a lot of pessimism. But there are some positive statistics the doomsters can not ignore.

Britain’s jobs miracle is alive and well and the underlying dynamism and creativity of the UK economy continue to shine through the gloom.

At the start of the pandemic in March 2020, the prediction was that Britain’s jobless total could surge to 12 per cent of the workforce. It has been proven to be completely wrong.

The latest official data shows unemployment actually fell from 4.3 per cent to 4.2 per cent in October, with some 257,000 citizens joining the nation’s payrolls.

If you think this is temporary and can be easily wiped out by Omicron-related infections, then reconsider. 

Britain’s jobs miracle is alive and well and the underlying dynamism and creativity of the UK economy continue to shine through the gloom [file picture]

The latest official data shows unemployment actually fell from 4.3 per cent to 4.2 per cent in October, with some 257,000 citizens joining the nation’s payrolls 

According to The Office for National Statistics (Official Statistics), the British Economy has an estimated 1.2million unfilled positions.

These figures make a mockery of Labour claims that there would be a jump in unemployment when Rishi Sunak’s furlough scheme ended.

Although there was an apparent blip in October as the job support programme was over, the monthly data showed that the British economy, which is a huge employment generator, was still on top of its game.

You will find desperate job openings in every shopping center and high street. 

It’s the same story in the hospitality and social care sectors.

For despite all the dire predictions of a Brexit and Covid-fuelled jobs disaster, Britain’s economy is outperforming those of its former partners in the European Union.

The UK’s economy is in poor health according to the International Monetary Fund, which was prepared prior Omicron.

What is the secret to Britain’s ability to create thousands of new jobs and defy forecasters?

The Bank of England and Government have successfully co-ordinated their actions, which can partly explain this boom.

Instead of allowing Britain slump like it did during the Great Depression, 1930s, or after 2008/9’s financial crisis, Rishi Sunak, Chancellor (pictured), intervened with unprecedented fiscal support in the form the furlough programme and other measures, such as bounce back loans.

The Chancellor intervened with extraordinary fiscal assistance in the form of the furlough program and bounce-back loans. This prevented Britain from falling into recession as it did during the Great Depression in 1930s.

Britain’s flexible labour markets, largely a result of the Thatcherite revolution, allow firms to hire without the fear that, if economic conditions change, they will be lumbered with labour costs they can do nothing about.

This is in sharp contrast to their competitors in the EU, where – with one or two exceptions such as Germany – over-regulation has led to a sclerotic labour force and high unemployment.

We have been helped by a more flexible post-industrial economy in the UK.

Britain’s flexible labour markets, largely a result of the Thatcherite revolution, allow firms to hire without the fear that, if economic conditions change, they will be lumbered with labour costs they can do nothing about 

Britain also has a stellar reputation in the field of life sciences. This is evident by our leadership role in the development and commercialization of Covid vaccines, and in new technologies such artificial intelligence.

This week it was revealed that in 2021, UK film and TV production for streaming channels such as Netflix, Amazon et al was sharply up at £5.5billion, almost double where it was at the time of the Brexit vote.

Although they were once feared to be expelled from their City-dominated financial or professional service sectors by a mass migration of jobs, there are now more European workers than ever.

It is possible to be consoled knowing that Britain, despite the difficulties posed by the Covid virus mutation and the difficult global economic conditions, will continue to thrive.