Skills Focus Vital To Solve Labour Market Conundrum

11 Jun 2024

Published in: British Chambers of Commerce News

The BCC responds to latest ONS data as Jane Gratton, Deputy Director of Public Policy responds.

Responding to the latest labour market data published by the ONS this morning, Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce said:

“There are further signs that the labour market is cooling as vacancies continue to fall and unemployment ticks up. However, this has yet to translate into any noticeable weakening of growth in real wages.

“This would suggest that competition for skills is still strong, and the substantial cost pressures of wages and interest rates will continue for longer. The rise in the number of economically inactive is also a cause for concern.

“The BCC’s election manifesto is clear that better skills planning is needed across the UK to boost productivity and growth. We must improve the training of staff, unlock the talent of people who have stopped looking for work and find ways to support the long-term sick back into employment.

“Getting the strong economic growth we all want to see will only be possible when the skills and workplace challenges are resolved.”

More detail on the latest ONS labour market data can be found here.

Black Country Chamber of Commerce Policy & Impact Officer, Gemma Edwards said:

“The cooling labour market is a positive for employers, although challenges and pressures remain. The available talent pool remains too small, and increased wage costs and interest rates continue to add to the pressures on businesses.”

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