Unemployment figures are at a historic low but there are also bleaker parallels with the 1970s
Britain’s recent jobs record has been remarkable. The economy is chugging along but the last time the unemployment rate was as low as it is today was in the winter of 1974-75. Harold Wilson was prime minister, Derby County were on course to win the old first division, David Bowie was about to release Young Americans.
Back then things were about to take a turn for the worse. Prices were rising fast, and later in 1975 inflation would hit a postwar peak of more than 25%. Unemployment also rose, leading to the coining of a new term – stagflation. In 1976, there was the mother and father of a sterling crisis that ended with spending cuts being imposed by the International Monetary Fund.
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