Summer Statement 2020
Summer Statement 2020
More action needed to reskill workers and kickstart economy.
“A £30bn package to help secure jobs is welcome, but more efforts should be directed at creating a national training scheme to equip the rising number of unemployed for future jobs” says Yael Selfin, Chief Economist at KPMG UK.
“Given the scale of unemployment expected in the second half of this year, a major ramp-up in training is required to help those affected find new opportunities.
“It will require a new approach, with a flexible national training programme set up to upskill and retrain large numbers of people. It also needs to be designed and delivered together with businesses across the regions, and focused on equipping those who lost their jobs with the skills needed to go back to work in the growth sectors of the future.
“Many of the larger announcements have been put off until the Spending Review and Budget in the Autumn. An important omission was in relation to the most crucial infrastructure used during the lockdown and a vital component of the future growth of the economy. Even when restrictions are eased, demand for digital products and services will stay high and that requires investment in infrastructure to support it, accelerating the build-up of fast broadband and 5G.”
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Notes to Editors:
KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, Legal and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
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