Page 10 - Gi August 2020

management & education news

INVESTING IN GREEN RECOVERY POST-COVID

COULD CREATE 1.6 MILLION JOBS, SAYS STUDY

PM BORIS JOHNSON HAS SET OUT THE FIRST found unemployment could rise by
STEPS FOR REPAIRING THE ECONOMY
more than 2.1 million: almost 10 per
cent of the workforce.
The body projected that improving
the energy efficiency of homes could
generate 560,000 jobs, according
to People Management. It calculated
that investing in health and social
care could create 700,000 jobs; in
sustainable public transport 230,000
jobs; and in tree planting and nature
restoration 46,000 jobs.
At the end of June, the Prime
Minister set out the first steps in the
government’s strategy to fuel economic
recovery after the pandemic. Boris
Johnson promised the government
was committed not just to “defeating
INVESTING IN green recovery could promised so far on green recovery fell coronavirus, but to using this crisis to
create 1.6 million new jobs after short of what was needed, with more tackle this country’s great unresolved
the coronavirus crisis has ended, required in order to create “clean, low- challenges of the last three decades”.
according to research. carbon jobs”. By investing in this area, This included building homes,
The report, compiled by think tank the IPPR calculated the UK could create “fixing” the NHS, tackling the skills
the Institute for Public Policy Research 1.6 million new jobs, which it argued crisis and a renewed promise on
(IPPR), called on the government to invest offered the most effective route out of a investment in a green recovery. The
urgently in a “jobs-led recovery” for the post-coronavirus economic crisis. government announced it would bring
economy after the pandemic, focused Economists at the IPPR examined a forward a £40 million ‘green recovery
on helping the UK meet its targets for range of low carbon jobs and industries challenge fund’ to help charities and
improving air quality, lowering carbon that could help the economy recover environmental organisations start work
dioxide emissions and restoring nature. from the impact of the Covid-19 crisis. on projects across England to tackle
The IPPR warned that the investment Without government intervention, they climate change.

ONE IN 20 PENSION SAVERS ‘HAVE STOPPED rattle the market, long-term investors
PAYING INTO POTS DURING LOCKDOWN’ – like pension savers – should be
careful not to over-react.
“Volatility in the stock market is
MORE THAN A third (37 per cent) of pension during the lockdown so far. normal and markets often rebound
pension savers have taken some sort of Nearly three in 10 (29 per cent) are quickly, and decisions made in haste
action relating to their pension during now reviewing their spending habits and under stress are rarely good ones.”
the coronavirus lockdown, according more often, while just under one in A Department for Work and
to research conducted by insurance six (16 per cent) said the lockdown Pensions spokesman said: “We
giant Aviva. has prompted them to think about recognise that these are currently
One in 20 people with pension savings their pension more. challenging times for many but it’s
say they have stopped paying into their The Work and Pensions Committee important that people continue
pots altogether during the coronavirus has previously heard evidence to take a long-term view on their
lockdown, the survey found. that contributions paid during pension and, if they can, save towards
But the same proportion of people the pandemic could end up being the retirement they want.”
(five per cent) say they have increased particularly valuable for savers.
the amounts going into their pensions The committee published a recent THE DWP HAS WARNED SAVERS TO CONTINUE
during the Covid-19 crisis – perhaps report saying: “Contributions made TO SAVE FOR THE RETIREMENT THEY WANT
eyeing up the potential for a strong when market values are low will see a
bounce in the value of their pots when greater increase in their value than usual
the economy eventually improves. if markets return to normal levels.”
Aviva found that more than seven Alistair McQueen, Head of Savings
million people across the UK have taken and Retirement at Aviva said: “While
some sort of action relating to their it may be concerning to see Covid-19

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