In the first episode of this new series looking at how Coronavirus has affected the working landscape, Peter Urwin is joined by Len Shackleton, Professor of Economics at the University of Buckingham.
Experience of previous pandemics suggests current restrictions may last until summer 2021. The UK government's policy response has limited the hardship of lockdown and lessened initial negative impacts on employment. However, there is now a question of how we revive the economy and recover previous levels of employment. In this interview, Prof. Len Shackleton argues that spending on job retention and other schemes have been useful “sticking plasters”, but the key to sustained recovery is the creation of new jobs by the market. They consider specific areas of the economy where Prof Shackleton argues that deregulation is needed to free enterprise and drive jobs growth; comparing this to the use of job subsidy programmes for the unemployed, and other government funding aimed at incentivising companies to take on staff.