WITHOUT THE PEOPLE THERE IS NO ECONOMY
For people to thrive in a new economy we need to invest in individuals. This is an opportunity to give millions of people new, lifelong skills, from labourers to teachers to scientists. The world moves quickly; we won’t leave anyone behind.
THE PROBLEM
- The British education system is woefully underfunded and not fit for purpose in the modern economy.
- Our workforce needs retraining, particularly as the number of years we spend working increases and the rate of change in the economy increases.
- Many people still do not have adequate access to broadband, and the benefits which it brings.
THE SOLUTION
- The funding of an education and training structure that allows for the life-long learning needed to fulfil the jobs of the future.
- Encouraging an additional year of tertiary or level 4-5 vocational education, because this correlates to an 18-35% increase in GDP per capita for an individual.
- An accelerated deployment of fibre broadband infrastructure. If 55% of households using this by 2025, it increase GDP levels by 0.54%
THE OUTCOME
- An adaptable workforce that can thrive in the changing market, and to contribute to and to benefit from the move to a green economy.
- This will faciliate the innovation needed to reach carbon neutrality
- Half a million more people could be enabled to access employment including carers, older workers and parents.
- 400,000 more people could work remotely from home, reducing transport and housing pressures in big cities and boosting local and rural economies across the country.
- An added benefit, according to a study by Malcolm Fairbrother, is that ‘richer people are greener’ and therefore the environment would benefit simply through the education and subsequent increased living standard of our population.
LEARN MORE: POLICIES IN ACTION
Singapore
Through the Skills Future Credit programme (2016), all citizens over the age of 25 receive $360 to invest in further education. More than 8 in 10 Singaporeans found the training helped them in their work.
Tax incentives for training
Worker training tax incentives can be found in many countries internationally. France, for example, provides business credit to entrepreneurs for the number of hours workers spend in training.
References
- Schools funding pressures.
- Economic returns to education in the United Kingdom.
- Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change?
- Rich People, Poor People, and Environmental Concern: Evidence across Nations and Time.
- Labour market effects of retraining for the unemployed: the role of occupations.
- Using digital to revive the UK.
- The benefits of ultrafast broadband deployment.
- UK broadband impact.
- Future telecoms infrastructure review.
More information on the policies in action