The Bank of England (BoE) has published a “Bank Overground” on unemployment in the context of coronavirus, which makes for interesting reading.
The Bank Overground is a short blog that’s intended to give insight into BoE’s internal analysis, which has “supported a policy or operational decision”.
It suggested that the speedy economic recovery in some sectors, coupled with government support such as the furlough scheme, means unemployment levels could fall more quickly compared to previous crises.
But this is countered by the fact that there’s still a lot of uncertainty around the progression of the pandemic, which means businesses could be slow to return to hiring.
The fact that some sectors are recovering much quicker than others could be another hurdle.
The BoE said: “This is likely to create a mismatch between the sectors in which more workers are losing their jobs and the sectors in which businesses are hiring.”
Essentially, the people who are available for work might not have the skills required by businesses currently hiring.
The solution? Well, it seems the government is busy triggering outrage by pushing for retraining, and not just for those in the arts sector – cabin crew are being told they would do well as nurses, for example.
Realistically, doing something you love every day is a luxury. Right now, it seems even doing what you’ve been doing your whole life is a luxury.
For some, it would be easier, and more financially sound, to retrain. For others, it will be a long, hard slog. Only you can decide what’s right for you.
