Response to fiscal event on 23 September

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23 09 2022

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Responding to this morning’s fiscal statement from the Chancellor, Stephen Evans, chief executive of Learning and Work Institute said:
A focus on growth is the right policy to get our economy moving but we need an ambitious plan to improve skills and help people back to work as cutting taxes alone won’t work. The UK has seen the biggest drop in its employment rate of the major G7 economies, driven by an exodus of over-50s and people with long-term sickness from the workforce, and productivity growth has stalled at levels far below many comparator countries. This has contributed to stagnation in real wages since 2008 and challenges funding public services. It's clear we need a step change in approach that gets more people into jobs, boosts skills and expands opportunities. This should include a plan to improve skills for young people and adults, better incentives for employers to invest in skills, ensuring everyone who wants to work can access employment support, and better joining up employment support with health services.