Business

Thursday 8 December 2016

Dynamic Cameron Osborne duo got it right on jobs

Published 13/12/2012 | 05:00

DAVID Cameron and George Osborne get a hard time. Nobody in Europe likes them much and their economic policies are routinely ridiculed by right and left alike.

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The Punt wonders whether this is evidence that they are doing the right thing. Yesterday's news that employment in Britain has reached the highest level since records began in 1971, shows they are doing something right.

How long will it be before one of Michael Noonan's successors is able to make a similar boast?

Most economists see this vital measure of economic success staying at around 14pc for the next few years. We all know it would be much higher were it not for emigration.

Cameron and Osborne face formidable challenges but they deserve more credit than they get for tackling Britain's problems before their backs were completely nailed to wall.

Other countries are also seeing unemployment fall but this often reflects demographics rather than economic success. Germany's or Italy's population is ageing so rapidly these days that unemployment falls every month even if no jobs are created because so many people are retiring.

That's not the case in the UK where unemployment is falling rapidly despite significant job losses in the army and public sector. It is easy to scoff at the Tories but many of us living in Ireland today can only dream of a time when our country will reach record employment levels again.

Prehaps their euro sceptcisim was right?

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