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BoE's Bailey: Worker shortage weighs on UK's growth
Bank of England (BoE) Governor Andrew Bailey told policymakers at the Federal Reserve's Jackson Hole Symposium that the United Kingdom's long-term growth prospects hinge on reversing a decline in workforce participation. He stressed that the core labor market issue is not unemployment but the number of people who have left work altogether. Bailey added that if this does not change, economic progress will depend heavily on stronger productivity. Bailey said productivity gains will be vital to offset the shortfall in labor supply, adding that this has left the UK with the hurdle to raising the economy's "potential ... (full story)
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