This morning’s @hmtreasury announcement on #OvercomingShortages in our labour market goes some way to meeting the challenge @RECPress set out last year. Our analysis showed that labour & skills shortages could cost the UK economy up to £39billion per year from 2024 (1/)
That’s around the same as two Elizabeth Lines. So it is important that action is taken, particularly in childcare which can be a significant barrier to work for many families. The changes to UC for childcare are big and helpful. (2/)
There will me more to do to get childcare right. And reforming the Work Capability Assessment, while overdue, will be challenging and must be done with humanity. (3/)
Helping those furthest away from the labour market into work is vital - and has been our focus through the Restart programme. Schemes like Restart prove the job is not one for government alone, businesses and @recmembers can also play their part to great effect. (4/5)
As firms we need to step up - most of the @RECPress #OvercomingShortages recs were for us, not Government, on how we employ and engage. But Govt needs clarity and stability in growth plans. Across transport, social and digital infrastructure, tax and regulation. (5/)
We are not there yet, as this week’s terrible decision on HS2 shows. A proper industrial strategy, that goes beyond just manufacturing (but includes it) is long overdue. Big tests on skills, transport and tax for @Jeremy_Hunt in #Budget2023 this week. (6/6)
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