Rachel Reeves’s assault on the British economy continues

There really is no hiding place for Rachel Reeves in this morning’s employment figures. The Office of National Statistics (ONS) release shows that 164,000 payrolled positions have been lost in the 12 months to July, Labour’s first year in office. Those figures are still provisional, but the figures for the 12 months to June show pretty much the same picture, with the number of payrolled positions falling by 149,000. In May alone, 26,000 jobs were lost. The unemployment rate rose to 4.7 per cent. For those who are in work, the figures show a healthy rise in real earnings of 0.9 per cent. The Bank of England said last week it doesn’t expect this to last, but for the moment, those in work are, on average, doing quite well – not that the productivity figures justify any real-terms increase in