U.K. Needs to Tackle Deep-Seated Skills Deficiencies, Haldane Says
(Bloomberg) -- The U.K. needs to address its skills shortfall to speed the recovery from the coronavirus crisis, according to government's Industrial Strategy Council.
A long-term commitment to improving skills by the state in partnership with employers and training providers is needed, the independent advisory group said. Recommendations include teaching managers to better support worker development, creating a culture of lifelong learning and providing policy stability.
The Covid-19 pandemic adds urgency to better training in an economy that is projected to see deepest recession among developed nations. ISC Chair Andy Haldane, who is also chief economist at the Bank of England, will speak about the economy in the second quarter later on Tuesday after new data showed a bigger-than-estimated contraction in the first three months of the year.
Unemployment looks set to soar in coming months and lockdown has helped to accelerate changes in the workplace, such as the growing use of digital technology and automation. Failure to address the issue risks cramping social mobility and widening regional inequality, the report warned.
“Deficiencies in the U.K. skills system are long-standing and deep-seated,” said Haldane. “The recovery from the Covid crisis will be faster and more sustainable if this system can be improved through partnership between workers, employers, training providers and government.”
| Read more: |
©2020 Bloomberg L.P.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
