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The Economy and Welfare Reform

The transformation of the economy and its impact on jobs, reflected in today’s excellent maiden speeches, remain my abiding memory of the last election. Figures published last week show the strongest labour market for decades, employment at near record levels and unemployment at the lowest level for 30 years. The highest rate of employment of all the major world economies is the result of Government policies. Compare the UK for example with the rates of the G7. We have the highest employment rate at 74.9 per cent. We see Italy at 56.2 per cent. We have the second lowest unemployment rate at 4.7 per cent., marginally below Japan, which is No. 1. That compares with the rate in France and Germany of 9.8 per cent., which is more than double ours.