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.
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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.
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