It’s not as easy to count the number of ‘working people’ as you might think
How many people are employed in the UK today? This is not just a question in a pub quiz for boffins. It is one with important practical implications. Changes in the number of people employed is a key piece of information which the Bank of England’s Monetary Policy Committee takes into account when setting interest rates. If […]
Starmer’s labour market reforms will put people out of work
Keir Starmer’s Labour Party is frequently criticised for the lack of detail around most of its policy pronouncements. One area where this is far less justified is the labour market, where a whole raft of proposals has been put forward. The initial set included ending the two year period before full employment rights kick in, […]
Port Talbot closure highlights uncomfortable truth about clinging onto the past
The decision by Tata Steel to shut the blast furnaces at the steelworks in Port Talbot, South Wales, has provoked outrage. Almost three quarters of the 4,000 workers at the plant will lose their jobs. On the same day that the news broke, the government announced a £500m subsidy for Tata’s £1.25bn proposed investment on the […]
They may be annoying, but Gen Z’s quarter life gap years are economically rational
Generation Z has been getting a lot of bad press recently. Allegations that they enjoy “quiet quitting” and boast of their “lazy girl jobs” were gathering momentum last year. These were given a huge boost in November when the American television personality Whoopi Goldberg made headlines with her claim that they just were not willing […]
This Christmas, let’s all reconsider how we think about innovation, jobs and wages
There is still time to have a last minute Christmas present delivered. No, of course not by Royal Mail; but one of its enthusiastic competitors will do the job. Given the impact which technology in general and the internet in particular has had on postal service, it is hard to imagine a more pointless strike […]
Central banks have fooled themselves into thinking they have power over inflation
The failures of central banks around the world to anticipate and control the current upsurge in inflation are now apparent to all. What has been going on with the highly technical models which economists in these institutions build to try and explain inflation? If we look under the bonnet, we find a debate which is […]
As Johnson squirms, his party must remember the roots of Conservatives values
Boris Johnson’s government now has a penchant for embracing policies which, to many, have a distinctively non-conservative feel. High taxes, a big state. What’s next? An old idea which is currently being given new legs is that of a universal basic income (UBI). The basic concept is that all citizens of a country receive from […]
Labour shortages make light work of fears of a post-Brexit unemployment surge
In the two decades before the Brexit referendum, there was a large increase in the number of people moving from the EU to the UK. In the mid-1990s there were less than one million EU citizens living in the UK. By the mid-2010s, this had risen to 3.6 million. The bulk of the increase came […]
Businesses face a fresh tipping point of staff shortages and wage hikes
For years, inflation has not been an issue. Since the late 1990s, annual inflation in the UK has averaged 2 per cent, with a peak of just over 4 per cent. In the US, there was a similar story, with even less variability. This is in stark contrast to the 1970s and 1980s, when the […]
Unemployment has stabilised but there will be economic pain ahead
There are high levels of business optimism. Survey after survey has told us this, from reports from Deloitte on large companies to evidence from the Federation of Small Businesses. Consumer savings are at an all-time high. People are itching to get out and spend the money they have been forced to accumulate. All in all, […]
