hundreds of thousands unemployed then. Not full employment.
OK go back to the late 60s then. In a labour market of several millions, you will get some people not working – between jobs, school leavers waiting for their first job/training, etc. But we have had what is defined as ‘full employment’.
Of course today nothing terrifies the neo-conservatives (as opposed to the old fashion social-democratic Tories) more than full employment. It tends to make the workforce rather bolshie and pushes up wages. Hence unemployment is used as a very effective tool to discipline the workforce, and why it always goes up under modern day Tory governments. Who then of course blame people for either being lazy, or not accepting a wage cut/worse conditions.