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Coffee House Shots

Why is the workforce shrinking?

Coffee House Shots

The Spectator

Politics, Daily News, News

4.42.2K Ratings

🗓️ 15 November 2022

⏱️ 11 minutes

🧾️ Download transcript

Summary

Figures released today show that the number of people in employment has dropped by 50,000 since September, despite a national worker shortage of 1.25 million. Does this shed some light on the recession? Are these shortages simply because of disputes over pay or could the NHS waiting list be to blame? 

Also on the podcast, as public sector pay stagnates, how many will be lost to the private sector? 

Cindy Yu speaks to Fraser Nelson and James Forsyth. 

Produced by Cindy Yu and Oscar Edmondson. 

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Transcript

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0:00.0

This episode is sponsored by Canacore Genuity Wealth Management.

0:04.0

Experienced Wealth planners and investment managers

0:06.7

who offer unwavering support in challenging times.

0:09.8

Visit kandewelft.com for more information.

0:16.9

Hello and welcome to Coffee How Shots,

0:18.4

the Spectators' Daily Politics Podcast.

0:20.6

I'm Cindy Ewan and I'm joined by Fraser Nelson and James Forsyth.

0:24.1

So Fraser, today we saw some new employment figures.

0:26.9

Can you tell us what they say what the headlines figures are?

0:29.8

This is a great mystery.

0:31.6

We have a shrinking workforce in this country.

0:33.7

There were 50,000 fewer workers over the three months to September.

0:38.1

That's twice the drop that people expected.

0:41.0

The funny thing is that there's a national worker shortage in this country.

0:44.2

One point, two million vacancies.

0:46.3

That's twice as many as they were during the last decade and average.

0:50.4

So at a time where employers are crying out for workers,

0:53.0

we've seen the workforce actually shrink.

0:55.7

We also had figures showing that the number of people

0:58.2

not working because they're long-term sick.

1:01.4

That's now increased by 400,000 since the start of the pandemic.

1:06.4

So that is equivalent to losing a city the size of Manchester

...

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