New research for the Greater London Authority’s Economic Unit reveals mixed messages for London’s economy as we hopefully come out of the pandemic (London’s Economic Outlook – Spring 2021).
Although the capital’s economy has not been hit as much as feared, there are worries that job losses will occur later this year as the furlough scheme ends in the Autumn. London’s economy has been helped with the type of employment sectors London has – in particular Finance, Telecommunications and Property – but there are big economic shocks happening from the collapse of tourism, entertainment and hospitality. The effect on this will hit certain types of jobs mainly lower skilled ones and also the effect of Brexit is also having an impact on employment. The risks are unskilled older workers may be hit hard and this we need to carefully monitor the effects on older workers across London.
This is why Wise Age is campaigning for bespoke training and advice for older workers supported by the GLA providing more adult education provision for older Londoners. But we also need to be vigilant about ageism in employment at this juncture and we need a Mayoral led promotional campaign targeted at employers and the recruitment industry to promote the economic and social benefits of having an age diverse workforce and employing older workers.