UK unemployment hits 11 year low, defying Project Fear

UPDATE: In another massive blow to the credibility of the anti-Brexit camp, UK unemployment in September has hit an 11 year low, raising questions over the competence of establishment economists. Meanwhile retail sales hit 14 year high

by the commentator on 16 November 2016 16:30


Another week, another set of economic figures, and another blow to the credibility of the prophets of doom about Britain's decision to quit the European Union in the June 23 referendum.

Official data released on Wednesday put Britain's September unemployment rate at 4.8 percent, the lowest among major European economies and the lowest level in the UK since September 2005. Meanwhile, new data on Thursday showed retail sales hitting a 14 year high, up 7.4 percent year-on-year in October.

Unemployment fell from 5.3 percent in September 2015 and 4.9 percent in August this year.

Almost every prediction made by the opponents of Brexit on the British economy has failed to come true, from economic growth, through retail sales and manufacturing, and now joblessness.

Though the pound has fallen against the euro and the dollar this has been hailed by analysts as good news for exporters.

One analyst told The Commentator:

"The pound is already recovering anyway, and it will strengthen further over time. Most of these so called experts who joined up with what was rightly termed 'Project Fear' should really give up their day jobs and go and do something more useful to society like tend their gardens."

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