Only a large-scale skills programme can protect against Covid's fallout

Huge fiscal support has safeguarded jobs and demand, but only skills and training can prevent long-term economic scarringA glimmer of economic hope at the end of the tunnelUK economy poised to recover after Covid-19 second waveKeynes famously likened the economy to a piece of string which, in recessions, could not be pushed. A better economic metaphor now is that it is like a piece of elastic. Stretch it too far and the economy becomes permanently distended – so-called hysteresis.The stretching of the economy’s elastic in the first half of last year saw activity fall anywhere between 10% and 25% across the world. There are very few historical precedents of the economy being stretched quite so far, quite so fast. Continue reading... https://www.theguardian.com/business/2021/mar/31/only-a-large-scale-skills-programme-can-protect-against-covids-fallout #economics #economic_policy #economic_growth_(gdp) #economic_recovery #unemployment #recession #global_recession #vocational_education #business #education #politics #uk_news #coronavirus #john_maynard_keynes