Employment is key to a successful recovery

At the end of the lifetime of this government success or failure should be determined by the state of the labour market compared to when it took office in 2011.

The collapse in employment that occurred in the years following 2007 was the most calamitous consequence of the crash.

Between the first quarter of 2008 and the third quarter of 2012, seasonally adjusted employment declined by 327,000 and the unemployment rate increased from under 5% at the beginning of 2008, to 15.1% early in 2012.