The Work Foundation recently said that the UK’s future prosperity would only be secured if the knowledge economy provided jobs and balanced growth.
Its report lays down a detailed picture of how we can secure a balanced and sustainable economy by 2020. The plan explains that although some positive steps have been taken, the government has not yet established a reasoned approach towards the knowledge economy. Some policies, such as enterprise zones and the reduction in corporation tax, will do little to help continued growth.
Instead, the government must focus on key priority areas, like ensuring we have a ready supply of highly skilled workers passing through the higher education system and improving local economic conditions so that high growth firms can thrive.
Charles Levy, a senior economist and lead author of the report, said the way we work has been transformed through the knowledge economy and we cannot maintain current consumption habits and wage levels without it. Blanket reforms and sweeping tax breaks will not give us the stable, lasting growth the UK requires to emerge from the recession as a stronger and more stable economy.
The government has every reason to be concerned about the lack of highly skilled workers in the UK, especially after a new survey found that 31% of employees are thinking of moving abroad in search of better career prospects.
86% of those considering emigrating say they are looking for a better work/life balance, while the lure of a higher salary is the attraction for 83%. More than half of those surveyed in the 18 -24 year old age bracket and 42% of people aged between 25 and 34 are thinking of emigrating, primarily for better career prospects.
The most popular countries are Australia and New Zealand, favoured by 70% of those looking to leave the UK. Stephen Hughes from Currencies.co.uk, the brokerage that conducted the study, said the results show younger people have lost faith in the UK employment situation and the situation could be set to get worse in the future.
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