The former environment secretary says the government is getting it wrong on immigration and skills.
Graham Watson's insight:
I agree with George Eustice about the definition of 'skills' and his assessment of immigration policy, and the implications this has for UK labour markets and the wider macroeconomy. However, I wonder why he wasn't making this clear during his time as Environment Secretary.
The government sets out its package for new T-levels and boosting further education in England.
Graham Watson's insight:
More Budget material - this time looking at an increase in spending on T-levels, boosting further education. However, there's condemnation of a general lack of spending on higher and vocational education, which has adversely affected the UK's skills base, and reduced productivity relative to our trading partners.
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Huge fiscal support has safeguarded jobs and demand, but only skills and training can prevent long-term economic scarring
Graham Watson's insight:
The Chief Economist of the Bank of England, Andy Haldane, writes in today's Guardian that while unprecedented government spending has propped up the demand-side of the economy, there's going to be a need to focus on the supply-side as the economy starts to recover, otherwise the UK, and specifically it's young people, are going to be left behind in the aftermath of the crisis.
Our economic model relied on a bottomless supply of cheap workers. Firms must now invest to boost productivity, says Larry Elliott, the Guardian’s economics editor
Graham Watson's insight:
Excellent Larry Elliott article that should be essential reading for everyone taking a post-16 examination this summer about the importance of productivity to helping the British economy out of its current hole.
However, although Brexit has limited our ability to rely on migrant labour and our capacity to exploit cheap workers to be competitive, the issue of our relatively low productivity predates this, something recognised by the article.
The issue is that there isn't an easy solution: it's about boosting pay, adapting to our changed circumstances and reskilling our workforce, and investing in new capital, and the shame is that we haven't done any of the above for most of the past 50 years.
Many of us have been confounded by recent figures, but the British model remains flawed
Graham Watson's insight:
Another state-of-the-nation piece by Will Hutton which looks at some familiar themes, with him arguing that the pandemic has done little to resolve many of the deep-seated problems facing the UK economy.
He's quite specific about low economic growth, low levels of skills, regional inequality and low levels of trade - things that he identified as problematic nearly 30 years ago.
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I agree with George Eustice about the definition of 'skills' and his assessment of immigration policy, and the implications this has for UK labour markets and the wider macroeconomy. However, I wonder why he wasn't making this clear during his time as Environment Secretary.