M33117 Public Policies and Labour Markets Report Sample
Assignment details
This coursework asks you to write a report on the topic outlined in more detail on the next page. While the topic is centred on a specific issue, the report should demonstrate an understanding of how this issue fits in with the broader labour economics context as discussed in the module.
Your work should be no more than 2,000 words excluding the title and references.
Main task - write a report to address the following topic:
Critically discuss the impact of recent (last 10 years) regional and global events on the UK labour market. Pay particular attention to the impact of some (or all) of Brexit, the covid-19 pandemic and the current cost-of-living crisis. Outline the policy response of the UK government and analyse the effectiveness of the implemented policies. Make appropriate use of relevant data to illustrate the key points of your argument.
Context
Over the past decade, among other developments, the UK... 1. left The European Union after the referendum vote in 2016; 2. had to deal with the consequences of the global pandemic beginning in early 2020; and 3. is still experiencing a cost-of-living crisis where wages have not fully kept up with price inflation. All these “external” factors have had a significant impact on the UK labour market outcomes and policymakers have had to look for solutions that would improve societal outcomes. Each of these policy solutions can be examined separately to consider their effectiveness in achieving the government’s objectives.
Guidance
? Consider how you can use the topics which we have discussed in class to analyse the impact of your chosen events on the UK labour market. You can then use this analysis as a theoretical foundation for your policy discussion.
? Research and explain what policies were implemented by the UK government in an effort to address the impact of your chosen events on the labour market.
? Use some relevant data (e.g. from the ONS) to put together an assessment of how effective the government’s policies were.
? Examine how these policies may have affected different groups of works differently (e.g. low- skilled vs high-skilled workers)
? Your report would be strengthened further by considering what alternative / additional policies could have helped achieve the government’s objectives.
Solution
Introduction
The UK job market has experienced significant changes in the last ten years as a result of both domestic and international events. The COVID-19 epidemic, the aftermath of the 2008 financial crisis, the uncertainty surrounding Brexit, and the current cost-of-living problem have all had a significant impact on the job environment (Ndomo et al., 2023). The UK government responded to these events with substantial legislative changes that affected a wide range of industries and worker groups. The intricate and interrelated character of these policies' influence on the dynamic and changing labour market becomes clear from a study of them.
Discuss the impact of recent (last 10 years) regional and global events on the UK labour market
The UK employment market has changed significantly over the last ten years as a result of both local and international developments (Furlong et al., 2017). Due to the long-lasting effects of the 2008 financial crisis, there was a protracted period of economic recovery and austerity measures. With the official withdrawal from the EU scheduled for 2020, the employment market has been significantly impacted by the uncertainties surrounding Brexit. Uncertainties arising from the negotiating process and subsequent trade agreements have affected employment choices and labour mobility for enterprises.
The most significant development to affect the UK employment market in recent memory is undoubtedly the COVID-19 epidemic, which began to spread in late 2019 and intensified internationally in 2020. Lockdowns, limitations, and disturbances to different sectors led to widespread furloughs, job losses, and changes in work schedules. The increasing prevalence of remote work has affected the need for certain talents and led to a reassessment of workplace conventions. Furthermore, the UK employment market has been impacted by the worldwide trend towards sustainability and the green economy. Demand for qualified professionals in green sectors has increased due to increased emphasis on renewable energy, environmental legislation, and corporate social responsibility. This affects job prospects and skill needs for the energy sector as well as allied areas.
Technological developments have also influenced the nature of the job market, particularly in the areas of automation and artificial intelligence. Automation is becoming more and more integrated into companies, which has resulted in job displacement in some areas and increased need for data analysis and technical capabilities (Layard et al., 2005). Regionally, differences remained between England's South and North, with the former seeing better economic growth overall. The Northern Powerhouse plan is one attempt to rectify this imbalance by promoting economic growth in the North for university assignment help.
In addition, the last ten years have seen a substantial growth in the gig economy due to the emergence of digital platforms and shifting consumer preferences for work arrangements. The flexibility that gig labour offers has drawn in a wide range of workers, including part-timers and freelancers. The gig economy has created potential for income diversification but has also given rise to worries about workers' rights, job security, and the lack of traditional employment benefits.
The government of the United Kingdom enacted a number of policy initiatives in response to these difficulties. In an effort to combat income inequality and advance a more inclusive labour market, steps to up skill the workforce, modify the apprenticeship tax, and implement the National Living Wage are examples of these measures (Cetrulo, et al., 2023). Because of the government's dedication to funding infrastructure projects—such as the high-speed train HS2 and renewable energy initiatives—job opportunities in the construction and sustainability industries have been generated.
The effect of the world's talent pool has also shaped the employment market in the UK. A change in immigration laws has impacted the availability of foreign labour, especially with the removal of free movement following Brexit.
The impact of some (or all) of Brexit, the covid-19 pandemic and the current cost-of-living crisis
Brexit, the COVID-19 epidemic, and the ongoing cost-of-living issue have all combined to have a complex effect on the employment market in the United Kingdom. Brexit—the UK's formal withdrawal from the EU in 2020—brought about a number of important changes to trade agreements and immigration laws, which affected supply chains and the availability of skilled labour. When the COVID-19 pandemic broke out in 2019, it caused significant disruptions to the economy, closed businesses, and changed work schedules. Many sectors had to quickly adjust due to lockdowns and limitations, which resulted in the rise of remote work and changes to employment structures and skill requirements (Broadbent et al., 2023). In addition, workers are under more stress due to the continuous cost of living problem, which is being made worse by inflation, growing energy prices, and housing costs. This has an impact on their buying power and stability.
The confluence of these three significant occurrences has produced an unstable and demanding atmosphere, forcing companies to manage uncertainties in hiring new employees, flexibility in work schedules, and the requirement for resilience in the face of financial strains. It emphasises how crucial it is to have flexible labour market regulations and all-encompassing support networks in order to meet the changing demands of the working force in the face of such extraordinary difficulties. Furthermore, the effects of Brexit have been especially noticeable in industries like agriculture, healthcare, and hospitality that depend significantly on foreign labour. These industries are experiencing a labour shortage as a result of the cessation of free movement, which has an impact on production and service delivery. The UK's exit from the EU has also resulted in changes to trade agreements, which have an impact on imports and exports, demand for particular skill sets, and supply chain dynamics. Businesses have had to reevaluate their operational strategies as a result of these developments, which has caused changes in the makeup of the workforce and the skills that are needed (Wetherall et al., 2023). Conversely, pre-existing tendencies in the work market were hastened by the COVID-19 epidemic, highlighting the significance of adaptation and digital skills.
Originally required during lockdowns, remote work has evolved into a permanent element for many businesses, leading to a re-evaluation of the conventional office-based work model. The need for office space, the location of employment, and the requirement for a more varied range of skills, such as digital literacy and productive virtual collaboration, are all impacted by this change.
Household budgets are under strain as a result of the present cost-of-living crisis, which is characterised by growing inflation, skyrocketing energy prices, and difficulties with home affordability. Employers are under pressure to address income concerns as a result of the rising cost of living, which may have an effect on recruiting and retention efforts. The issues posed by the rising cost of living have also brought up the need for stronger social safety nets and regulations that protect employees' financial security (GREEN, 2023). Businesses and politicians need to take into account how these difficulties are interrelated while navigating this complicated terrain. The UK labour market will need to be strategically planned for, with investments made in training and upskilling, and policymaking done quickly to ensure that it stays resilient in the face of prolonged uncertainty.
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Figure 1: Data of UK labour market from 1980 to 2020
(Source: Webber, 2023)
Policies Implement By UK Government
Brexit Policies: The UK government put in place a number of measures to oversee the nation's withdrawal from the European Union in the wake of the 2016 referendum. With regard to the labour market, new immigration laws were implemented that terminated EU citizens' freedom of movement (Webber, 2023). Employers were forced to adjust to new recruiting procedures when a points-based immigration system was implemented with the goal of giving preference to talented individuals. Renegotiated trade agreements and regulatory frameworks also had an effect on cross-border industries. Through targeted support for impacted industries, retraining initiatives, and initiatives to draw and keep qualified people domestically, policymakers sought to lessen disruptions. But issues like labour scarcity and supply chain hiccups have remained, requiring constant tweaks to maximise policy efficacy.
Policies for epidemic Response: The UK government launched a number of measures to protect public health and lessen economic effects in the wake of the COVID-19 epidemic. A key policy was the furlough programme, which gave companies cash assistance to keep workers on during lockdowns, therefore averting widespread unemployment. Furthermore, industries that were severely affected by limitations received grants and loans (Olu et al., 2023). The success of these measures differed, though, with certain industries still having problems as a result of frequent lockdowns and shifting customer habits. The surge in remote work has compelled policymakers to confront concerns pertaining to digital infrastructure and the possible gradual alteration of work patterns.
Crisis policies based on cost of living: Rising inflation and sluggish wage growth, which characterise the current cost-of-living issue, triggered governmental solutions meant to reduce household financial pressures (Broadbent et al., 2023). To alleviate economic inequality, the government pursued policies including raising the National Living Wage and altering income tax levels. Talks about energy cost interventions and affordable housing have also been more prominent. However, the success of these initiatives depends on more general economic circumstances, and decision-makers must strike a balance between the need for budgetary prudence and resolving the individuals' immediate financial hardships.
Alternative Policies
Offer focused incentives for companies to invest in areas most impacted by Brexit through regional development, promoting job creation and economic expansion (Broadbent et al., 2023). This might involve infrastructure improvements, tax exemptions, and subsidies to draw and assist enterprises in regions that are suffering serious difficulties.
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Figure 2 :UK labour market data
(Source: Furlong, 2017).
Establish a Skills Resilience Fund to assist people in obtaining new certifications and skills to improve their employability in a labour market that is changing quickly (Ingold et al., 2023). This money can be used to pay for online courses, certificates, and training programmes that are subsidised and in accordance with the needs of the expanding market.
Trials of Universal Basic Income (UBI): To alleviate the immediate financial strain on residents, start pilot programmes for UBI. By guaranteeing that people and families have a base income to pay for necessities of life, universal basic income (UBI) can act as a safety net.
How these policies may have affected different groups of works differently
It is possible that different worker groups were affected differently by the primary policies that were put in place in response to the COVID-19 epidemic, Brexit, and the cost-of-living issue. After Brexit, the switch to a points-based immigration system may disproportionately impact low-skilled individuals who may find it difficult to achieve the requirements, which might make labour shortages in some industries worse (Ndomo et al., 2023).Policies associated to the pandemic, including assistance for remote work, may benefit knowledge workers but provide difficulties for physical labourers or service providers. Furthermore, cost-of-living adjustments such as the National Living Wage may help low-income workers, but they may not be sufficient to solve systemic problems that are more widespread and contribute to income inequality among different occupational groups.
Analyse The Effectiveness of The Implemented Policy
The success of the measures put in place to address the pandemic, Brexit, and cost of living issues is still a complicated and changing topic. Sector-specific support and the points-based immigration system are two examples of Brexit measures that have produced inconsistent outcomes. Despite efforts to alleviate labour shortages, obstacles continue, especially in industries that greatly depend on migrant labour, casting doubt on the overall effectiveness of immigration regulations. Policies implemented in reaction to pandemics, such the vacation programme and remote work assistance, have been successful in averting a sudden economic downturn and promoting corporate continuity (Cetrulo et al., 2023). Ongoing assessment is necessary, nevertheless, due to the possible long-term effects on employment structures and escalation of inequality between knowledge workers and other groups. Changes to the National Living Wage and housing projects have provided some respite from the cost-of-living crisis, but underlying problems such as income inequality call for more extensive and long-term solutions. The efficacy of these policies hinges on their capacity to adjust to changing conditions and tackle the interrelated issues brought about by these intricate occurrences.
Conclusion
The COVID-19 epidemic, Brexit, and the cost-of-living crises have all had a substantial impact on the UK employment market. The policies that have been put into place exhibit a dynamic approach; nonetheless, due to variations in their efficacy, on-going assessment and modification are important. The interdependence of these issues highlights the need for comprehensive and adaptable policy responses to guarantee resilience in the face of continuous uncertainty in the constantly changing UK labour market environment.
References:
Broadbent, P., Thomson, R., Kopasker, D., McCartney, G., Meier, P., Richiardi, M., McKee, M. and Katikireddi, S.V., 2023. The public health implications of the cost-of-living crisis: outlining mechanisms and modelling consequences. The Lancet Regional Health–Europe, 27. https://www.thelancet.com/journals/lanepe/article/PIIS2666-7762(23)00003-0/fulltext
Cetrulo, A., Sbardella, A. and Virgillito, M.E., 2023. Vanishing social classes? Facts and figures of the Italian labour market. Journal of Evolutionary Economics, 33(1), pp.97-148. https://link.springer.com/article/10.1007/s00191-022-00793-4
Furlong, A., Goodwin, J., O'Connor, H., Hadfield, S., Hall, S., Lowden, K. and Plugor, R., 2017. Young people in the labour market: Past, present, future. Routledge. https://books.google.com/books?hl=en&lr=&id=oaQ5DwAAQBAJ&oi=fnd&pg=PT10&dq=Discuss+the+impact+of+recent+(last+10+years)+regional+and+global+events+on+the+UK+labour+market&ots=8xin3dYR6G&sig=bOmm0VF
ZeuW_3pSa4AiyoT9uKcI
GREEN, A., How does the cost-of-living crisis impact people’s health and well-being?. REDI-UPDATES, p.45. https://www.birmingham.ac.uk/documents/college-social-sciences/business/research/wm-redi/wm-redi-project-docs/redi-updates/redi-updates-4-final-version.pdf#page=45
Ingold, J. and McGurk, P. eds., 2023. Employer Engagement: Making Active Labour Market Policies Work. Policy Press. https://books.google.com/books?hl=en&lr=&id=7WSuEAAAQBAJ&oi=fnd&pg=PP1&dq=Public+Policies+and+Labour+Markets&ots=R_tABftbU
M&sig=Enh8C5YhMPLdtWxsb_c5ZcMrqts
Ndomo, Q., Bontenbal, I. and Lillie, N.A., 2023. Essential? COVID-19 and highly educated Africans in Finland’s segmented labour market. International Journal of Sociology and Social Policy, 43(3/4), pp.339-355. https://www.emerald.com/insight/content/doi/10.1108/IJSSP-06-2022-0171/full/html
Olu, O.O., Waya, J.L.L., Bankss, S., Maleghemi, S. and Guyo, A.G., 2023. Integrated approaches to COVID-19 emergency response in fragile, conflict-affected and
vulnerable settings: a public health policy brief. Journal of Public Health Policy, 44(1), pp.122-137. https://link.springer.com/article/10.1057/s41271-022-00383-5
Webber, M., 2023. Identity, status and role in UK foreign policy: Brexit and beyond. International Politics, pp.1-12. https://link.springer.com/article/10.1057/s41311-023-00482-4
Wetherall, K., Mathew, S., Belkadi, N. and O’Connor, R., The Cost-of-Living Crisis in the UK: A whole society. https://www.mqmentalhealth.org/wp-content/uploads/COL-Lit-review-final2.pdf
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