We set the scene in part 1 of the series. In this part I want to look at the labour market.  The economy is at full employment. Unemployment is at historic lows, and so is long-term unemployment. In fact, the level of long-term unemployment (being unemployed for six months or more) is lower than it has ever been, at 1.2 per cent. Long-term unemployment is associated with some of society’s greatest problems, from poverty and deprivation, home repossession, and deepening levels of social exclusion to increased likelihoods of mental illness. An enormous amount of research has been done on the…

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