'labour shortage' in Macroeconomics: UK economy, IB Economics

Scooped by Graham Watson

Scoop.it!

From www.bbc.co.uk - September 24, 2021 12:05 PM

Graham Watson's insight:

There's very much a hint of "nothing for you to see here, officer" about this meeting, although the presence of such a cross-departmental team rather gives the lie to that.

The fact is the grim reality of the situation is that we are currently 100,00 lorry drivers short - and a few service personnel and speeding up testing isn't going to help in the short-term, or the long-term to be fair.

Yes, wages are creeping up but the average lorry driver is white, male and 55, and I don't detect 1000s jumping at the prospect of a life on the road. So we're stuck: there's no quick way to increase supply, nor increase supply elasticity. Hold onto your hats.

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