Many things that may be contained in the UK’s room of requirement, this is in reference to the magical room on the 7thfloor of Hogwarts that appears when someone is in very great need of it and contains exactly what is needed at the time. Above other soul-searching government departments, the treasury stands as the most in need of the room of requirement. The solutions required are needed for a wide-ranging group of issues, from a struggling pound sterling, withered consumer confidence, increasingly entrenched inflation, a sinking government balance book and an emboldened axis of trade unions striking across a tiring Old Blighty. However, one key issue that continues to chip away at the country like the grit from the country’s freezing roads on our cars, is of the lack of workers.
Have you ever heard the saying ‘too many chefs spoil the broth’? When it comes to identifying what went wrong in the lumpy broth that resembles the shortage of workers in the UK, there are many different chefs to point the blame to, only none are to be found in the kitchen. First, there is the chef that was meant to be cutting the parsnips, but like the 2.49 million others who are economically inactive because of long-term sickness, was unable to turn up. This could have been made worse with the occurrence of ‘long covid’ and the now 7 million long queue for routine treatment in the NHS. Then there is the Gen Z Chef, who was meant to sauté the leeks but instead decided to continue in higher education because of a perceived lack of opportunity in the labour market, with the odd shift at the Amazon distribution centre thrown in during the holidays. The worker shortages are not equally felt across each industry, with companies with the resources to pay and offer flexible working hours being able to hoover up the talent. This is why local pubs are shutting their doors 4 days a week, but Amazon can offer next-day delivery.
There was meant to be a third chef but took early retirement like many other people aged 55+ who have also retired following inheritance or after lockdown simply decided they had enough of a nest egg to put up their feet. The transfer of wealth from the asset-rich baby boomers to younger generations will be one of the greatest wealth transfers in history. This leaves one chef to dice the bacon, shred the chicken and bring it all together. However, given that the chef is doing the job of three other chefs and has still not been able to replace the chef who retired earlier in the year, has decided to go on strike demanding higher wages as compensation for the increased workload. The result is an overcooked broth and 0 chefs. This has been the case for industries across the country, resulting in reduced service and lower levels of productivity. Currently, the UK’s room of requirement has left the treasury wanting.
By Henri Willmott