Unemployment hits a 42-year low of 4.3%

Employment has soared to a record high while joblessness has hit a 42-year low, signalling a fresh humiliation for the architects of Project Fear.

In a report that confounded warnings of a jobs bloodbath after the Brexit vote, the Office for National Statistics said the number in work has risen by 379,000 since the referendum.

Meanwhile, the jobless total has fallen by 175,000 to 1.46million, slashing the unemployment rate from 4.9 per cent at the time of the vote to 4.3 per cent now.

Although subdued wage growth alongside rising prices continues to pile pressure on family finances, analysts described Britain as ‘a great job-creating machine’. 

Brexit supporters hailed the report as a sign that the UK continues to prosper, making a mockery of warnings of economic meltdown issued by former chancellor George Osborne and Bank of England governor Mark Carney.

In the so-called ‘dossier of doom’ from by Mr Osborne before the referendum, the Treasury said a vote to leave the EU would cause a painful recession and drive as many as 820,000 people out of work.

And in the immediate aftermath of last year’s vote, the Bank of England predicted that unemployment would rise to 5.5 per cent this year as the economy floundered.

Instead, the ONS said the unemployment rate of 4.3 per cent between May and July this year was the lowest since 1975.

It added the employment rate of 75.3 per cent was the highest since records began in 1971, with 32.1million now in work.

By contrast, average unemployment in the eurozone remains stubbornly high at 9.1 per cent. The jobless rate in France is 9.8 per cent, in 11.3 per cent, in Spain 17.1 per cent and in Greece 21.7 per cent.

Eurosceptic Tory MP John Redwood, a former Cabinet minister, said the latest jobs figures for the UK were ‘great news’.

‘There is no recession and no drop-off in jobs,’ he added. ‘The UK

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