Unemployment is relatively low, but that disguises the fact that workers have taken real-terms pay cuts in a way Britain has rarely seen in statistical history. Millions are underemployed, unable to work as much as they want and UK-born workers have been out-competed by immigrant workers. The figures for home repossessions look benign but only because of forbearance from banks, and because troubled homeowners are looking for alternative ways to escape their debts without being physically turfed out on to the street.