The Rest Is Money

58. Is ‘sick note culture’ real? Why are living standards still stagnating? Will the UK always be a global economic power?

May 15, 2024

Former Chief Economist of the Bank of England, Andy Haldane, discusses the UK's workforce decline post-COVID, challenges of 'sick note culture' linked to poverty, stagnation of wages since 2008, low productivity in UK companies, and navigating economic and political challenges like Brexit and global governance.

28:17

Episode guests

Andy Haldane

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Episode notes

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Quick takeaways

Post-COVID health declines are hindering UK workforce participation, highlighting the need for healthcare support and training.

UK's productivity struggles stem from disparities in business performance, calling for improved access to finance and management skills for mid-tier companies.

Deep dives

Reasons for Sickness-Related Inactivity Post-COVID

Post-COVID, the UK has faced challenges in encouraging people back to work due to rising sickness-related inactivity. Notably, health deterioration, especially among the 18 to 24 age group, has contributed to a significant portion of the workforce being neither employed nor seeking employment. This situation underscores the need for improved healthcare support, training, and flexibility to assist individuals in rejoining the workforce.

Introduction

3min

Challenges of 'Sick Note Culture' and Poverty Inequality

5min

Analyzing the Stagnation of Wages and Living Standards in the UK Since 2008

2min

Addressing Low Productivity and the Missing Middle in UK Companies

4min

Navigating Economic and Political Challenges

12min

Why has the UK workforce shrunk by half a million people post-COVID? Do UK businesses need better managers? How do we restore faith in democracy in the UK and abroad? This week Robert is joined by Andy Haldane, former Chief Economist of the Bank of England, to answer all these questions and more.

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