1m more UK jobs since Brexit vote

THE number of people in work in Britain has risen by more than a million since the Brexit vote three years ago – despite predictions of huge job losses.

A record 32.81million are employed, official figures showed yesterday – up from 31.75million in June 2016.

The figures stand in stark contrast to predictions made by the Treasury. In an infamous ‘dossier of doom’ issued before the vote, then Chancellor George Osborne warned that joblessness could rocket as Britain fell into recession in the event of a vote to Leave.

Yesterday’s figures, however, showed that the employment rate in Britain is now 76.1 per cent, its joint highest level since records began in 1971.

The Office for National Statistics data also showed that wages are rising at their fastest rate for 11 years and the unemployment rate is close to an all-time low. Comment – Page 16

SHORTLY before the 2016 referendum, the Treasury issued a chilling forecast about ‘the immediate economic impact of a vote to leave the EU’. Famously characterised by Leave supporters as Project Fear, it offered two scenarios, one entitled ‘shock’, the other ‘severe shock’.

The whole thing might as well have been headed: ‘Don’t do it. Or else!’

Even the more optimistic assessment had a 3.6 per cent collapse in GDP and a 500,000 spike in unemployment. In the other, 800,000 would be thrown out of work.

Three years on, we know just how wildly inaccurate those forecasts were. Instead of the predicted ‘profound and immediate’ slump, we’ve seen an unprecedented employment boom.

Figures released yesterday show that since referendum day, more than a million extra people have found work, with pay growth hitting an 11-year high.

And although Brexit uncertainty may have contributed to weak economic figures in recent months, UK growth has consistently outstripped that of other European countries since 2016.

There is still an argument over whether the pro-Remain Treasury made an honest mistake, or was simply scaremongering.

But as Next boss Lord Wolfson reminded us yesterday, neither side came out of that referendum campaign smelling of roses.

Today, similar predictions of economic Armageddon are focused on a No Deal Brexit. Boris Johnson has said he doesn’t want this outcome, but it’s becoming an increasingly real possibility.

Although a Leave voter, Lord Wolfson was originally among the catastrophists, warning that ‘crashing out’ would bring instant disaster.

In a distinct change of tack, however, this retail big beast now says No Deal is manageable because of improved preparations under the new Tory leadership.

Let us be clear. This paper has always argued that No Deal would create huge disruption and is to be avoided if at all possible. But unless the EU resiles from its mule-headed intransigence over reopening the failed withdrawal agreement, No Deal may happen by default.

If it does happen, we are undoubtedly in for a period of chaotic uncertainty. But we will not – as some love to suggest – be crushed by it.

Yesterday’s figures prove that only a fool would bet against Britain’s ability to adapt and thrive.