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10 July, 2011
Following the results of a study finding that 31% of employees are thinking of moving abroad in search of better career prospects, the government needs to be concerned about losing skilled workers.
The UK’s future success will only be secured if the knowledge economy can provide jobs and a balanced growth stability that can be passed down to small business.
Results from the study by the Work Foundation show that 86% of those considering emigrating said that they were looking for a better work-life balance and 83% were attracted by higher salaries.
At least 50% of participants in the 18-24 year old age bracket and 42% aged 25-34 were thinking of emigrating, mainly for better career prospects and a better life elsewhere. 70% of possible emigrants favoured Australia and New Zealand. Stephen Hughes from Currencies.co.uk, the brokerage that conducted the study, said that the results showed that 55% of younger people have lost faith in the UK employment situation and feel that the situation could still get worse.
The Knowledge Economy Report sets out a clear plan of how to secure a balanced and sustainable economy by 2020. While government has already taken some positive steps it has not as yet established a reasoned approach towards the knowledge economy. It is felt that policies such as enterprise zones and reduction in corporation tax, will do very little to help continued growth.
The key priority areas government should focus on include;
1. Ensuring that the UK has a ready supply of highly skilled workers passing through the higher education system and
2. Improving local economic conditions so that high growth firms can thrive.