The Tories’ post-recession record on unemployment: not a pretty graph
I’m sure Giles at Freethinking Economist will be delighted to know that I’ve just been listening to LibDem MP Chris Huhne talking sense on the radio about the Tories’ post-recession record, in light of the news yesterday.
If I get a chance later I’ll transcribe a bit of what he said from the clever computer widget thing, but in the meantime here it is a nutshell with some graphs from the Office for National Statistics.
Here’s the ONS graph showing three different recessions:
And here’s the ONS graph showing unemployment rates over the same time elapses:
Taken together these show that under the Tories in the 1980s unemployment went on rising for a further 4 and a half years AFTER the end of recession (in fact Chris Huhne said it rose for six years, so he may be using different data, but the point is the same).
This time around, the unemployment rate has already started to fall, though of course it may rise again (and the growth of part-time employment has also helped.
But why did this continued rise happen under the Tories?
Well, Chris Huhne suggests that it’s because the Tories adapted exactly the same tactics as they’re proposing to adopt this time around if they win the election.
I’m inclined to agree with a LibDem on this occasion, despite his party’s rhetorical schizophrenia on the general issue of ‘fiscal consolidation’/’locking in growth’ and all those other very new terms which don’t mention people at all.
The Tory MP on the radio show (I missed his name) refused to talk of unemployment, but kept banging on about ‘credibility with international finance’. No change there then.