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(Bloomberg) — The UK is failing to develop a skilled and globally desirable workforce, with local talent less attractive to foreign businesses, according to a new survey of international executives.
Post-Brexit economic problems, as well as upheaval in British politics, mean the UK and its workforce are less attractive to global business, a poll of more than 5,000 executives by the Institute for Management Development has shown.
The UK is now 28th out of 63 countries in the organisation’s World Talent Rankings, which take into account talent creation and retention. It is down seven places from a year ago, the IMD said.
Britain is facing economic problems on several fronts. The economy is widely believed to be in recession, inflation is at a four-decade high, while strikes by public sector and other essential workers are causing widespread disruption to services, and rising interest rates are causing a slowdown in the housing market.
The UK is facing recession and has lost a decade without a growth plan, says the CBI
Growing economic inactivity in the UK means the labor market remains tight, with 600,000 more people no longer employed or looking for work compared to pre-pandemic. Economist Nouriel Roubini said this week that the country is “already in a deep recession,” a situation he partly attributed to Brexit.
Against that backdrop, confidence in Britain to provide a stable backdrop for business appears to be waning. The IMD report noted that declining standards of education and quality of life in the UK are causing business leaders to become skeptical about the ability to produce a skilled workforce.
“This is a worrying situation for the UK with no quick fix,” said Professor Arturo Brice, director of the IMD World Competitiveness Centre.
“Unless the UK is able to address the upheaval that has dominated its politics and markets in recent years and take action to improve its domestic situation, it will be unable to attract or retain the talent it needs to restart growth and drive innovation.”
Switzerland has topped IMD’s ranking for the sixth year in a row. Sweden, Iceland, Norway and Denmark rounded out the rest of the top five.
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