Manage episode 300194200 series 2112440
The UK has a serious shortage of workers in various industries such as, healthcare, hospitality and building.
The NHS has a staffing crisis according to the 2020 King’s Fund report into NHS workforce, which revealed the following:
· NHS hospitals, mental health services and community providers report a shortage of 84,000 FTE staff.
· There are 38,000 are nursing vacancies, or 1 in 10 posts.
· The immediate workforce shortfall is so severe that at least 5,000 nurses a year must be recruited from overseas.
As the UK economy recovers and restrictions are eased, the hospitality sector is suffering from a post-brexit shortage of chefs and restaurant staff, and the building trade needs more skilled workers, plasterers, engineers and electricians.
Office for National Statistics (ONS) figures show an upsurge in the number of people in employment, which rose by 182,000 to 28.9 million last month, but still 201,000 lower than a year ago.
The unemployment rate fell to 4.7 percent in the three months to the end of June from 4.8 percent previously, according to the ONS.
Job vacancies have soared to a record high of 953,000 in May to July — up by more than 168,000 from last year.
The British Chambers of Commerce warned the recruitment crisis could have a detrimental effect on the economy, as well as pushing up wages to above inflation levels.
Shortages have already driven up headline pay statistics, with wage growth hitting 7.4 percent over the period, the ONS said.
Higher wages, labour shortages and increased raw material prices are indicators of higher inflation. Printing trillions of dollars, Euros and Pounds will add to inflationary pressures and decrease the buying power of the money in your pocket.
Houses prices in the UK and US appeared to have peaked with small declines recently.
Property investors should see a return to a more normal buyers property marketin the coming months as we enter into the traditionally quieter autumn and winter seasons.
Watch my latest video on the property market outlook - https://youtu.be/O4SSsJ0sRt4
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