On any normal news day, the fact that unemployment has gone up by 5% in one month - let me repeat that, 5% in one month, would have been the top story of the day. Yet, it has been eclipsed by the Lloyds/HBOS story. Unemployment is at a nine year high. For a government which defines economic success by the length of the dole queues, this is a bitter blow. I have been trying in vain to Google the figures for April 1997, but it seems sure that very soon the headline unemployment figure will soon exceed that which existed when Labour took power.
One economist predicted that unemployment would reach 2 million by the end of the year. I'll make another prediction. Next month the rate will rise by more than 100,000. That is one prediction I hope very much will be wrong.
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