Employee forecasts have been updated by Oxford Economics in October 2021. Between 2019 and 2020, there was only a very minor decrease in employment (-0.03%), likely a result of Government’s furlough scheme. The high levels of unemployment that were originally anticipated were incorrect. Instead there are challenges around labour shortages across a range of sectors – to name a few, social and health care (particularly due to vaccination requirements of staff), transport and logistics (which is impacting wider supply chains), agriculture, hospitality and manufacturing. The reduction in available migrant workers has been blamed for this challenge.
The figures within 2021 reflect this current climate, with the level of employees actually increasing by 0.5% from 2021. Based on the forecasts, the economy is relatively buoyant with employee levels continue to increase up until 2027 where a minor drop from the previous year is expected. These forecasts are similar to predictions made by Oxford Economics in July 2021.