UK Economy Showing Signs of Growth Despite Skills Shortage and Employment Challenges in the Biosciences Industry

August 25, 2023

The UK economy appears to avoid a possible recession and even shows signs of growth, according to the latest data from the Office for National Statistics (ONS). However, concerns persist about a challenging employment scenario in the biosciences industry due to a digital and data skills shortage in the UK life sciences workforce. ONS records reveal a drop in the national inflation rate and an upswing in the annual pay growth rate since 2001. A skills gap in the UK economy is becoming more apparent, especially in digital and data skills, despite rising STEM students. Furthermore, economic pressures nationwide are impacting the hiring of less entry-level employees, with a noticeable absence in the mid-level skillset. The future of the job market appears uncertain, with high unemployment rates and a decline in job vacancies. Efforts must be made to bridge the gap between the available talent pool and sector requirements through more considerable industry investment in new talent.

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[Source: Pharmaceutical Technology, August 25th, 2023]

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