Unemployment figures are at a historic low but there are also bleaker parallels with the 1970s, says Guardian economics editor Larry Elliott
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.
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