The recession is over, let's look forward

Yesterday saw two separate, but significant bits of news about the labour market in Scotland. Firstly, the BBC published new data that shows that unemployment in Scotland has reduced to 3.5%, and that wages have returned to pre-recession levels, bringing to an end one of the most damaging periods in our post second world war economic history. 

Before the financial crash in 2008 we had reached a new low in headline unemployment and many people were giving serious thought to how the “final mile” might be achieved by putting in place measures to assist the most disadvantaged into meaningful work. 

The suddenness and severity of the recession meant that we were dealing with an emergency, particularly for young people, and the right thing to do was to put resources into preventing a lost generation. That has largely paid off with better post school outcomes and Apprenticeships experiencing a renaissance, thanks in large part to the work of Skills Development Scotland, Local Authorities and other partners.

The second significant event is the publication of Scotland’s Careers Strategy, which outlines the multilateral vision for ensuring that everyone working in Scotland can get the right advice at the right time to ensure they are fulfilling their potential. https://bit.ly/2vJFGMW

We have residual problems in the labour market with underemployment, there are jobs which are at risk to external economic and political shock and we have an imperative as a nation to ensure our workforce is as adaptable and resilient as possible for the uncertain times ahead. 

The Careers Strategy charts out the road ahead. We may not be at the “final mile” stage in creating the just and prosperous economy that we want, but we are thankfully closer than we have been for over a decade.