Don't waste energy fighting the working from home (WFH) revolution. Workplaces are essential for us social animals, but there's no way we're heading in five days a week: the answer is somewhere in the middle. telegraph.co.uk/business/2021/…
ONS: output per hour (the measure of labour productivity) was up 0.4% in 2020 compared to 2019. Up! Astonishing: we went into lockdown twice during 2020, huge numbers of businesses weren’t operating at all. This definitively proves that people's productivity is increased by WFH.
We’re social animals: we like socializing at work, at least some of the time. Yet it would only take a small shift in working patterns for there to be severe repercussions for businesses, society and politics.
Executives have gone through several phases. First came blind panic as they fretted whether their businesses could operate with most staff confined to home, then came relief that they could, then euphoria, as WFH was actually panning out better than most had dared to hope.
Then a few started thinking about all the money they could save if they reduced their office space by 30%, 40% or even 50%. But, as weeks turned into months, there was a dawning realisation that working from home was a good substitute for the office, not a perfect one.
They started to realise that many of their staff were drawing on knowledge, contacts and corporate culture that they had built up through years of personal interactions. This was a particular issue for younger workers with less experience (and less salubrious homes).
Some technology companies have said that most employees may never need to come into the office again; some banks have said they want all their staff back in pronto. But the vast majority of companies are somewhere between those poles and still trying to figure out the new normal.
It will probably involve a greater degree of flexibility than before. When Hays conducted a recent survey of its clients it found that only 10% to 15% of staff wanted to become fully remote, while only 25% wanted to go back to the office full time. The vast majority wanted a mix
To figure out the hybrid model could be the trickiest proposition yet. It is, for example, very unclear whether hybrid working is a positive or a negative for female staff. Set working hours may not be great for working mums. Greater flexibility could help.
Hybrid working has big policy implications: just a slight reduction in the proportion of people travelling to work each day could hurt public transport, certain businesses and rents. More people working from home will necessitate faster broadband and changes to employment law.
Flexible working can help the Govt’s levelling-up agenda: workers commuting less may be prepared to travel a little further on the remaining days. Remote working will mean companies can employ people in different locations. And those WFH spend more in their local areas.
The Govt shouldn’t waste effort fighting these trends (as the Chancellor appeared to do when he told businesses to open their offices): it should be figuring out how to maximise the benefits. The hard work of figuring out the future of work has only just begun.
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Britain’s economic resurgence has caught the world by surprise.
The numbers all point to blistering growth as the hit from Brexit continues to diminish each month.
— AEP
The UK will probably regain pre-Covid levels of GDP before the eurozone, perhaps by Christmas. By the end of 2022 it may even have recouped the entire cross-Channel gap in growth since the referendum.
Philip Shaw from Investec has pencilled in blistering growth of 7.3% this year, but says it could be over 8%. “We’re trying not to sound outrageous but that is what the numbers are telling us,” he said. The firm has the eurozone pegged at 4.4%. Upgrades are pouring in.
Diplomacy is usually shaped by interests rather than past grudges. As Eurocrats were gradually replaced by successors coming fresh to the job, I expected the EU to concentrate on its own prosperity rather than entering into a series of needless scraps with its largest customer.
I was wrong.
The EU’s rage will last for years, possibly decades, and we need to adjust our foreign policy accordingly. I am not talking here of provocations (Michel’s outrageous claim the UK is blocking vaccines, aggressive tweets, petty diplomatic micro-aggressions ... ).
#UK Bid to make more vaccines in Britain as the EU ramps up its threats.
Ministers are working on plans to accelerate the onshoring of coronavirus vaccine production to make the country more self-sufficient amid fears of rising vaccine nationalism. telegraph.co.uk/politics/2021/…
In some EU countries, there are excess supplies of the AstraZeneca jab, despite the supply issues. Decisions by several EU countries to suspend use of the AstraZeneca vaccine on suspicion that it causes blood clots served to further tarnish its reputation.
On Saturday night responding to the remarks from Mrs Von der Leyen, a UK Govt source said: “It’s incredibly frustrating that there are 7.2 million unused doses of the Oxford vaccine sitting around in the EU. The EU has monumentally ballsed this up.
Exclusive: Pfizer warns EU to back down on vaccine threats to UK. Drugmaker warns Brussels that UK has the power to retaliate against any export ban by withholding raw materials shipped from Yorkshire
Pfizer and its partner BioNTech have warned the EU to back down from its threat to block vaccines to the UK because the firm needs crucial ingredients shipped from Yorkshire, and the UK could retaliate against any export ban by withholding raw materials needed for its jab.
Croda International, a chemicals firm based in Staith, North Yorkshire, has been delivering vital "fatty molecules" to Pfizer's factories in the EU since signing a five-year contract with the firm in November.
The Super Heavy Booster, the other half of SpaceX's Starship deep-space transportation system, is starting to come out into the light. space.com/spacex-first-s…
A regime that behaves like the EU is liable to impose capital controls without compunction, or block energy flows through the interconnectors, as threatened 3 times already (I keep count). And as we have seen, anything can be politicised, even random stochastic blood clots.
We want to see reciprocity and proportionality in exports,” said Mrs Von der Leyen. Delicious. The EU is currently refusing to reciprocate temporary UK waivers to smooth post-Brexit trade flows or to reciprocate on bare-bond equivalence in financial services.