IoSCM responds to Spring Budget 2023
In his Spring Budget the Chancellor, Jeremy Hunt has laid out the Government’s plan for growth, while tackling some short and long standing issues he noticeably hasn’t addressed the current public sector pay dispute issue or delivered the predicted cut in taxes while the news of the fuel duty freeze has been welcomed by individuals and business alike. Read on to find out how IoSCM responds to Spring Budget 2023.
The Institute has highlighted two areas of particular interest to our Members, employment and education.
Employment: boosting labour supply, including by encouraging the inactive into work
IoSCM membership have experienced labour shortages since before the pandemic, from HGV drivers to office staff, the government has highlighted three key measures to tackle this;
- Expansion of the current childcare scheme – aimed at opening up opportunities to return to work for those with young families, which is currently economically impossible in some situations.
- More support for people with disabilities and health concerns.
- Retention of skilled older workers through the increase in the annual tax-free allowance of pension.
Employers are being encouraged to support those in employment through the options of flexible working, managing childcare responsibilities and widening the timeframe of employment from young people to the older workforce, primarily through ‘employer pledges’.
Education and Skills: providing everyone with the skills and support they need
The concept of turning the UK into a high skill, high wage economy closely aligns with the Institutes aims.
- Introduction of the Lifelong Learning Entitlement from 2025, as we eagerly await details of this we’re keen to ensure it’s accessible to all and will create financial opportunities for skills and knowledge development through professional qualifications.
- Introduction of ‘Returnships’ which targets the over 50’s, focusing on second career opportunities and utilising previous experience to re-train and re-skill.
“Our members, both individual and corporate, have welcomed the Government’s commitment in the areas of employment and education. I’m confident that through developing, maintaining and improving the skills of the UK workforce we will futureproof our industries and boost economic growth”
Jacky Stansfield Smith
CEO IoSCM
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