This week, our Monday Revenues and Benefits Discussion Group had an important discussion about two connected issues.
First, we talked about the job market. Paul Howarth shared insights about changes in how the Office of National Statistics (ONS) collects and reports on job market data and what it means for us. The key point to note is that these new numbers and trends may not drastically affect the number of people seeking benefits or our local tax collections. This is because, although there has been a slight increase in economic inactivity, it has been balanced out by higher wage increases in the private sector, which have exceeded the rate of inflation. Even public sector wages have gone up.
However, we shouldn’t let our guard down. We need to pay attention to the upcoming Bank of England statement. Behind the seemingly stable job market and recent lower inflation figures, there’s a lurking challenge. The economy is about to face increasing layoffs and business bankruptcies.
Our second topic was the rental market crisis. We’ve discussed this issue before, but this time, we dug deeper into the underlying problems that are causing a sharp rise in homelessness. These issues are also hindering social mobility, which is crucial for a healthy job market.
Next week, we’ll continue to focus on the rental market and its significant impact on our council services. Additionally, we’ll discuss the potential threat posed by the “114 threat.”
The recording for this week can be accessed through this link: https://bit.ly/VNR231030.
Files and reports to be downloaded:
We also have a WhatsApp group where you can stay connected and participate in further discussions. You can join us here: https://bit.ly/3Qjrkqe.
Please note that the slide pack contains additional slides covering other items of interest in the news and job adverts, which are provided in partnership with Business Smart (https://www.businesssmartsolutions.co.uk/).