The UK’s economy is ailing, and this isn’t just a figure of speech. More Britons than ever are out of the workforce due to long-term illness or disability, a historic and lamentable loss of human potential. This health crisis is hindering economic growth. In Q1 2023, health-related work inactivity rose by 86,000 to 2.55 million, 438,000 more than before the pandemic.
COVID-19, and the subsequent lockdown and living-cost crisis, has amplified the nation’s health issues, placing immense pressure on the already strained National Health Service (NHS). It is evident that for the UK to revitalize its workforce, immediate solutions like ending NHS strikes and injecting additional funding to clear the patient backlog are necessary.
Economic growth and shorter NHS waiting lists were among the five pledges made by Rishi Sunak at the start of 2023. Achieving these could help those inactive due to ill-health return to work and foster economic growth. However, drastic reform, such as the reconfiguration of statutory sick pay, is needed to bring about significant change.
The UK’s health issue is deeply entrenched, and the pandemic has only made the situation worse. The path to recovery will necessitate comprehensive socio-economic reforms, secure and well-paid jobs, progressive working conditions, preventative health investment, and a renewed focus on overall wellbeing.
THINK LIKE AN ECONOMIST!
Q1. Define the term economic growth.
Q2. Explain one reason why NHS workers might be going on strike.
Q3. Analyse how rising illness rates are likely to impact the productive potential of the UK economy.
Q4. Discuss whether supply-side policies like the ones mentioned in the article will be the most effective way of addressing the issue of work inactivity.
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