Document Abstract

Skills shortages in the UK economy: Edge bulletin 2

Looks at the extent of current skills shortages in the UK economy. Notes that latest government figures show that there are at least half-a-million young people aged 16-24 who are unemployed, and some estimates put the figure significantly higher. Features the latest data from a wide range of sources, which together show the scale of the challenge. Looks at: The Open University's 2018 Business Barometer, which estimates the direct cost of skills shortages at £6.3 billion each year; new research from City and Guilds, which suggests that nine out of ten UK employers struggle to recruit and two thirds predict that skills shortages will stay the same or get worse in the next three to five years; the Skills and Employment Survey, with a dataset going back to 1986, which suggests that jobs requiring higher education qualifications have plateaued and time spent training on the job has fallen; and the British Chambers of Commerce Quarterly Economic Survey, which highlights increasing recruitment difficulties. Highlights ten jobs that didn't exist ten years ago. Looks at the tech industry, highlighting that there are an estimated 600,000 tech vacancies in the UK, a figure predicted to reach 1 million by 2020. Notes that 52% of digital businesses report that vacancies are hard to fill, and this is costing the UK economy an estimated £63 billion per year in lost additional GDP.


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