Analysis commissioned by the Local Government Association (LGA) estimates that unless skills needs of employers are met there could be a potential loss of £120 billion in economic output by the end of the decade.
The research conducted by Learning and Work Institute shows that by 2030 there could be:
- 5.1 million low-skilled people chasing 2 million low-skilled jobs – a surplus of 3.1 million low-skilled workers;
- 12.7 million people with intermediate skills chasing 9.5 million jobs – a surplus of 3.1 million people;
- 17.4 million high-skilled jobs with only 14.8 million high-skilled workers – a deficit of 2.5 million.