Academy Of Ideas

Recording of the Academy of Ideas Economy Forum discussion on Tuesday 21 February 2023. Please note that this event was recorded via Zoom and there are occasional, short-lived issues with the audio. INTRODUCTION The Covid pandemic created huge disruption to the UK labour market. Millions of people were forced to stop working, with most receiving furlough payments. Millions more had to work from home. With lockdowns and pandemic-related business closures in the past, what has been the lasting impact of this disruption? Statistics for employment and earnings published by the Office for National Statistics (ONS) for September to November 2022 show that unemployment remains low (3.7 per cent) while the proportion of people aged 16 to 64 in employment continues to hover around 75 per cent. But the number of people defined as ‘economically inactive’ – not working or seeking work – in this age group grew markedly over the course of the Covid pandemic and in its aftermath. Meanwhile, job vacancies for October to Dece