16 July 2020
This morning's news that more than half a million jobs were lost during the lockdown, and with more to be expected, reflects some of the UK's underlying structural issues that risk resurfacing later and could be hampering the country's recovery.
The Government must now focus on delivering a long-term economic strategy to help put the UK back on a sustainable, sound footing and tackle the long-term challenges it faces which this crisis has only exacerbated (e.g. low productivity, high dependency on low-skill service sector jobs, regional imbalance, and weak social mobility).
To address this, the Government must deliver support in key areas including cutting employers’ national insurance bills to help keep people employed and create new jobs, identifying and directing skills training towards jobs and sectors with real-wage growth potential, and designing appropriate measures to support SMEs and new startups.
Dr. Ian Selby
Vice President – Global Research and Development, Management Accounting
The Chartered Institute of Management Accountants, part of the Association of International Certified Professional Accountants