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The Bunker

Jobless Britain? Fighting the return of mass unemployment

The Bunker

Podmasters

News, Politics, Society & Culture, Government

4.6984 Ratings

🗓️ 14 August 2020

⏱️ 25 minutes

🧾️ Download transcript

Summary

Job losses are surging, but the next wave of mass unemployment won’t be like the ones in the 80s, the 90s or the financial crisis of 2008. The Institute for Government’s GILES WILKES – economist and past special advisor to Vince Cable and Theresa May – tells Andrew Harrison why the old remedies for joblessness won’t work, how COVID has robbed the Government of room to manoeuvre, and what sort of industries might emerge from this once-in-a-century crisis. Presented and produced by Andrew Harrison. Assistant producer Jacob Archbold. Music by Kenny Dickinson. Audio production by Alex Rees. THE BUNKER is a Podmasters Production See acast.com/privacy for privacy and opt-out information. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

My name is Stan. I'm at. Nice to meet you. So you took up photography where? I've always loved

0:05.5

photography but I turn it into earning a living at 60. I enrolled on a day course.

0:11.8

Well college. I loved going to college. It's good you can retry. I'm enrolled on the day course. But college?

0:13.0

I loved going to college.

0:14.0

It's good you can retrain and do something.

0:16.0

Yeah, yeah.

0:17.0

Let's talk about working, learning, saving and making the most of living longer.

0:22.0

Phoenix Group is the UK's largest long-term savings and retirement business.

0:28.0

Search Phoenix Group living longer.

0:30.0

Pets brings so much joy.

0:32.0

From those happy greetings at the door to the warm cuddles on the sofa

0:36.7

so give a little love back with dental life from Purina a range of delicious chues made for dogs and tasty snacks for cats that help clean and support your pets, teeth and gums, essential for their overall well-being and a happy, healthy life. They give you plenty of smiles so

0:55.3

look after theirs with dental life. Pick up dental life in the pet food aisle. Hello and welcome back to the bunker daily I'm Andrew Harrison. The unemployment and economic figures we saw this week were truly dire.

1:14.3

They revealed that some 730,000 people have lost their jobs since the beginning of the

1:18.2

coronavirus lockdown with redundancies from household names including British Airways, W. H. Smith and many more, and that's before the furlow scheme ends.

1:25.6

Britain fell into a clear recession with GDP collapsing and unprecedented 20.4%.

1:30.6

The worst in the G7?

1:31.6

Twice the fall seen in Germany. GDP in the EU as a whole fell by 11.4%.

1:36.0

Even self-designated National Chira Upper Boris Johnson admitted that there is a long, long way to go for the British economy.

1:42.8

Yet despite these huge job losses, the recorded unemployment rate remains at a record lower of 3.9%,

1:48.3

unchanged from the start of lockdown, raising questions of whether we measure unemployment accurately.

1:53.0

Are we about to enter an age of mass unemployment on the scale of the early 1980s?

...

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