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What Does the Spring Budget Mean for Jobs?
Chancellor of the Exchequer, Jeremy Hunt, has this week outlined the Conservative Governments Spring budget. We’ve gone through the full statement to find out what these measures mean for the UK job market.
Childcare Funding
Jeremy Hunt has announced that the rates paid to nurseries for the funding of free childcare for parents of children that are older than nine months will continue for the next two years. Due to the sharp rise in inflation, these payments have become worth less to nurseries than in previous years. Hunt believes that the move to extend the payments will allow for an extra 60,000 parents to enter the workforce over the next four years.
AI in the NHS
A “Landmark public sector productivity plan” was published, which included cutting form filling by doctors with the use of AI, and digitising hospital processes. Hunt stated that “We need a more productive state, not a bigger state.”, and he also added “I want this groundbreaking agreement with the NHS to be a model for all our public services”. These public services include education, the police, courts, and the public government.
With AI now making its mark in the healthcare sector, one of the oldest and most researched industries around, we’re starting to imagine how it will affect other sectors like education.
One way the power of AI could be utilised within schools is to monitor progress and development within a child's work and behaviour. This could provide better insights into each individual student, providing strengths and weaknesses, action points, and track progress over time to find improvement. By using AI technology, childcare educators might be able to provide a deeper understanding of each student's individual education journey.
With a rise in AI, some teachers may fear that they may be replaced by robots in the near future. This is something that the government has argued against in a blog regarding the use of AI in schools, suggesting that teachers are “Irreplaceable”, with the government aiming to use AI to provide support for teachers and students.
Rise in Unemployment
The government expects that the UK unemployment rate will rise moderately, peaking at 4.5% in the final quarter of 2024. This is in line with their forecast for quiet economic growth. The peak in unemployment, representing a total of roughly 1.6 million people looking for work, is slightly lower than what was forecasted in November. It’s forecasted that by 2028, unemployment will decline by 0.4%, reaching a level of 4.1%.
With the rise in unemployment affecting several different sectors, it’s important to invest in your own education to future-proof yourself against potential economic downturns and shifts in the job market. Updating your skills and knowledge through further education allows you to remain relevant and resilient in the face of technological advancements and evolving industry trends.
At The AIM Group, we have a range of online courses available to help you study and stay ahead. Whether you’re looking to upskill with a free, government-funded course, or you’re looking to enhance your skills by purchasing a course, our qualifications hub is the home of learning.
Fall in Employment
With the rise in unemployment, the employment rate is also expected to fall in 2024. From 60.2% in the final quarter of 2023, it’s forecasted that the employment rate will drop to 60% in the final quarter of 2024. By the end of the government's forecast, they expect that the employment rate will reach 60.1%, which is 0.5% lower than what was forecasted in November.
The decline in employment rates is another reason why further education should be on your radar. During a period of high unemployment, employers will be looking for candidates with a specialised skillset or qualification that fits the role. Gaining new skills, or enhancing ones that you already have, makes you a better candidate in a highly competitive job market.
Online learning opportunities also provide you with an excellent chance for career change. If you are looking for a new industry after unemployment, you can learn the skills you need to stand out amongst the crowd and become a highly employable candidate in the role.
Find the course for you by exploring our website today: https://theaimgroup.co.uk/
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