manager_1 The UK’s job vacancies have reached a record high, resulting in a shortage of workers for UK retailers. According to the Office for National Statistics (ONS), vacancies rose to 1.1million between July and September. This is the highest level of vacancies since 2001, when records were first started.
According to the ONS, the largest increases in vacancies were in the retail sector as well as in motor vehicle repairs.
KPMG UK’s chief economist Yael Selfin said that the UK’s recovery from the pandemic could be hampered by a lack of skilled labour. She said that the recovery was testing the economy’s ability to adapt to a new environment after the pandemic. This task is made more difficult due to the limited availability of workers from overseas.
“Acute skill shortages have driven vacancies to record levels in September for the second consecutive month, as employers struggle to find skilled workers.”
The UK unemployment rate was 4.5 percent, as compared to a rate of 4 per cent before the pandemic.
The Confederation of British Industry (CBI), warned last month that UK labour supply problems could continue for two years. Financial Times reports that officials told businesses to use British workers, even those on furlough, instead of expecting rules to change to allow EU workers to temporarily fill these positions.
BDO, an accounting and advisory firm, released a report showing that the shortage in staffing is affecting all areas of the economy but placing “severe strain” on medium-sized businesses across the UK.
Survey of over 500 companies revealed that businesses are struggling to function at ‘normal’ levels because they lack staff. Many are now facing new challenges, including supply chain problems and a lack of stock.
